D-Wave Quantum (NYSE:QBTS) Trading 4.1% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 4.1% on Friday . The stock traded as high as $16.83 and last traded at $16.63. 29,876,920 shares traded hands during trading, a decline of 38% from the average session volume of 48,043,095 shares. The stock had previously closed at $15.98.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC boosted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Williams Trading set a $20.00 price target on D-Wave Quantum in a research report on Wednesday, June 18th. B. Riley reaffirmed a “buy” rating and set a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, Benchmark reaffirmed a “buy” rating and set a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $14.38.

D-Wave Quantum Price Performance

The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average price of $14.08 and a 200 day moving average price of $9.38. The company has a market capitalization of $4.86 billion, a P/E ratio of -27.72 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Rohit Ghai sold 43,517 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the sale, the director directly owned 57,778 shares in the company, valued at $970,670.40. The trade was a 42.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kirstjen Nielsen sold 13,000 shares of the business’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the sale, the director owned 119,673 shares of the company’s stock, valued at $1,919,554.92. This trade represents a 9.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock worth $27,872,091 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth $38,000. Russell Investments Group Ltd. raised its holdings in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock worth $42,000 after buying an additional 3,165 shares in the last quarter. Signaturefd LLC raised its holdings in shares of D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after buying an additional 2,971 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after buying an additional 3,266 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.