D-Wave Quantum (NYSE:QBTS) Trading Up 2.4% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 2.4% during trading on Wednesday after Benchmark raised their price target on the stock from $8.00 to $14.00. Benchmark currently has a buy rating on the stock. D-Wave Quantum traded as high as $16.25 and last traded at $15.92. 18,942,509 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 76,248,336 shares. The stock had previously closed at $15.55.

A number of other research firms have also recently issued reports on QBTS. B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a report on Friday, May 9th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $13.57.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Roger Biscay sold 96,521 shares of D-Wave Quantum stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the completion of the sale, the director now directly owns 106,626 shares of the company’s stock, valued at $1,904,340.36. The trade was a 47.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer now directly owns 2,866,412 shares of the company’s stock, valued at approximately $48,729,004. This trade represents a 22.78% 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 valued at $27,872,091 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after acquiring an additional 4,166,721 shares in the last quarter. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after purchasing an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its stake in D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock valued at $35,171,000 after purchasing an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC grew its stake in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after purchasing an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Stock Up 1.2%

The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The stock has a market cap of $4.60 billion, a PE ratio of -26.23 and a beta of 1.49. The business has a 50 day moving average price of $12.24 and a 200 day moving average price of $8.59.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. Equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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.