Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $36.80

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $36.80.

A number of equities analysts recently commented on QBTS shares. Canaccord Genuity Group lowered their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Roth Capital boosted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Finally, Mizuho raised their target price on shares of D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, June 15th.

D-Wave Quantum Stock Performance

QBTS opened at $17.36 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The business has a fifty day simple moving average of $23.18 and a 200 day simple moving average of $21.41. D-Wave Quantum has a 1 year low of $12.75 and a 1 year high of $46.75. The company has a market capitalization of $6.42 billion, a PE ratio of -15.37 and a beta of 2.11.

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

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $26.41, for a total transaction of $357,010.38. Following the transaction, the director owned 23,617 shares in the company, valued at $623,724.97. This trade represents a 36.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the sale, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. The trade was 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 have sold a total of 1,360,772 shares of company stock valued at $35,737,111 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the company. Baird Financial Group Inc. boosted its position in shares of D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares in the last quarter. Royal Bank of Canada increased its stake in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after acquiring an additional 60,668 shares during the last quarter. AQR Capital Management LLC raised its position in D-Wave Quantum by 201.0% during the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after purchasing an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in D-Wave Quantum by 93.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after purchasing an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after purchasing an additional 24,382 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.