Brokerages Set D-Wave Quantum Inc. (NASDAQ:QBTS) Target Price at $36.36

D-Wave Quantum Inc. (NASDAQ:QBTS) has earned a consensus rating of “Moderate Buy” from the fifteen brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $36.3571.

Several research analysts have commented on the company. Jefferies Financial Group set a $40.00 price target on D-Wave Quantum in a research report on Friday, August 7th. B. Riley Financial increased their price objective on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Roth Capital restated a “buy” rating and set a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Finally, Canaccord Genuity Group set a $35.00 price target on shares of D-Wave Quantum in a research report on Thursday, August 6th.

Insider Buying and Selling

In other news, Director John D. Dilullo sold 7,850 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the sale, the director owned 21,310 shares in the company, valued at approximately $520,603.30. This represents a 26.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 328,752 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the sale, the chief financial officer owned 1,442,820 shares of the company’s stock, valued at $39,966,114. This trade represents a 18.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,363,842 shares of company stock valued at $35,789,148 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the stock. Fiduciary Financial Advisors acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $25,000. Root Financial Partners LLC increased its holdings in shares of D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the period. Parallel Advisors LLC raised its stake in shares of D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after purchasing an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth approximately $28,000. Finally, PeakShares LLC acquired a new stake in shares of D-Wave Quantum during the first quarter worth $29,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

NASDAQ QBTS opened at $21.17 on Friday. The company has a fifty day moving average of $21.04 and a two-hundred day moving average of $20.34. The company has a market capitalization of $7.83 billion, a PE ratio of -29.82 and a beta of 2.15. D-Wave Quantum has a 1 year low of $12.75 and a 1 year high of $46.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42.

D-Wave Quantum (NASDAQ:QBTS) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The firm’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) EPS. As a group, analysts expect that D-Wave Quantum will post -0.42 earnings per share for the current year.

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.