D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Rating of “Buy” from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus recommendation of “Buy” from the six analysts that are presently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $8.42.

QBTS has been the subject of a number of research reports. Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley raised 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. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Craig Hallum boosted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th.

D-Wave Quantum Price Performance

Shares of QBTS stock opened at $7.60 on Tuesday. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.95. The firm has a market cap of $2.21 billion, a PE ratio of -18.08 and a beta of 1.12. The company has a 50-day moving average of $6.67 and a two-hundred day moving average of $4.53.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. Sell-side analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock worth $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $820,000. Commonwealth Equity Services LLC boosted its position in shares of D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock valued at $1,916,000 after purchasing an additional 209,000 shares during the period. Finally, Truist Financial Corp acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $108,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.