D-Wave Quantum (NYSE:QBTS) Stock Rating Upgraded by Zacks Research

D-Wave Quantum (NYSE:QBTS) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other analysts have also weighed in on QBTS. Jefferies Financial Group restated a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a report on Thursday, June 11th. Mizuho increased their price target on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Finally, Canaccord Genuity Group cut their price objective on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Stock Up 6.5%

QBTS stock opened at $17.81 on Monday. The stock has a market capitalization of $6.59 billion, a P/E ratio of -15.76 and a beta of 2.11. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. D-Wave Quantum has a 12 month low of $12.75 and a 12 month high of $46.75. The firm has a 50-day moving average price of $23.26 and a 200-day moving average price of $21.48.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm’s quarterly revenue was down 80.9% compared to the same quarter last year. During the same period last year, the company posted ($0.02) EPS. As a group, equities research analysts anticipate that D-Wave Quantum will post -0.42 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the sale, the chief executive officer directly owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. The trade was a 17.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the completion of the transaction, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,360,772 shares of company stock worth $35,737,111 over the last quarter. Insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently modified their holdings of the business. UBS Group AG raised its position in D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after purchasing an additional 10,205,427 shares during the last quarter. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 11.5% in the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after buying an additional 866,405 shares during the last quarter. State Street Corp grew its position in shares of D-Wave Quantum by 5.3% in the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after buying an additional 385,809 shares during the last quarter. Marex Group plc grew its position in shares of D-Wave Quantum by 74.9% in the 4th quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock valued at $120,098,000 after buying an additional 1,966,500 shares during the last quarter. Finally, Clear Street Group Inc. increased its stake in shares of D-Wave Quantum by 40.4% in the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock valued at $111,955,000 after buying an additional 1,232,106 shares during the period. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.