D-Wave Quantum Inc (NYSE:QBTS) shares, rose in value, with the stock price down by -5.07% to the previous day’s close as strong demand from buyers drove the stock to $2.06.
Actively observing the price movement in the last trading, the stock closed the session at $2.17. The value of beta (5-year monthly) was 0.87. Referring to stock’s 52-week performance, its high was $3.20, and the low was $0.40. On the whole, QBTS has fluctuated by 43.06% over the past month.
As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.1, which is expected to increase to -$0.12 for fiscal year -$0.59 and then to about -$0.55 by fiscal year 2024. Data indicates that the EPS growth is expected to be -37.20% in 2024, while the next year’s EPS growth is forecast to be 6.80%.
Analysts have estimated the company’s revenue for the quarter at $4.73 million, with a low estimate of $4.3 million and a high estimate of $5.1 million. According to the average forecast, sales growth in current quarter could jump up 97.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $10.61 million, representing an increase of 47.90% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that QBTS’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of QBTS currently trading nearly 12.02% and 63.45% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 61.05, while the 7-day volatility ratio is showing 15.25% which for the 30-day chart, stands at 18.28%. Furthermore, D-Wave Quantum Inc (QBTS)’s beta value is 0.88, and its average true range (ATR) is 0.27.
A comparison of D-Wave Quantum Inc (QBTS) with its peers suggests the former has fared considerably weaker in the market. QBTS showed an intraday change of -5.07% in last session, and over the past year, it grew by 249.15%%.
Data on historical trading for D-Wave Quantum Inc (NYSE:QBTS) indicates that the trading volumes over the past 10 days have averaged 6.89 million and over the past 3 months, they’ve averaged 3.73 million. According to company’s latest data on outstanding shares, there are 113.34 million shares outstanding.
Nearly 10.84% of D-Wave Quantum Inc’s shares belong to company insiders and institutional investors own 25.37% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 9.19 million shares as on Feb 29, 2024, resulting in a short ratio of 1.71. According to the data, the short interest in D-Wave Quantum Inc (QBTS) stood at 5.75% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 4.54 million. The stock has risen by 134.06% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the QBTS stock heading into the next quarter.
