D-Wave Quantum (NYSE:QBTS) Trading Up 0.3% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 0.3% during mid-day trading on Monday . The company traded as high as $7.77 and last traded at $7.27. Approximately 12,491,580 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 33,360,572 shares. The stock had previously closed at $7.25.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on QBTS shares. Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, Roth Mkm raised 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. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Down 2.8 %

The company has a market cap of $2.05 billion, a P/E ratio of -16.79 and a beta of 0.88. The firm’s 50 day moving average is $6.90 and its two-hundred day moving average is $4.96.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC acquired a new position 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 fourth quarter valued at about $38,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $67,000. Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. increased its position in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 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.