D-Wave Quantum Inc. (NASDAQ:QBTS) Stock Has Average Price Target of $36.27 According to Brokerages

Shares of D-Wave Quantum Inc. (NASDAQ:QBTS) have earned an average rating of “Moderate Buy” from the sixteen brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $36.27.

Several equities research analysts have recently commented on QBTS shares. Wedbush started coverage on shares of D-Wave Quantum in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target for the company. Zacks Research lowered shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Benchmark began coverage on shares of D-Wave Quantum in a research note on Monday, July 27th. They issued a “buy” rating and a $30.00 price objective on the stock. BMO Capital Markets began coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They set an “outperform” rating and a $35.00 target price for the company. Finally, Wall Street Zen upgraded shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $15.64 on Friday. D-Wave Quantum has a 12-month low of $12.75 and a 12-month high of $46.75. The stock has a 50-day simple moving average of $18.07 and a 200 day simple moving average of $19.79. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of -22.03 and a beta of 2.18. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The firm had revenue of $3.08 million during the quarter, compared to the consensus estimate of $4.03 million. During the same quarter in the prior year, the business earned ($0.08) EPS. D-Wave Quantum’s revenue was down 0.6 on a year-over-year basis. On average, research analysts anticipate that D-Wave Quantum will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In related news, VP Sophie Ames sold 3,070 shares of the company’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the transaction, the vice president directly owned 589,009 shares of the company’s stock, valued at approximately $9,983,702.55. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. BlackRock Inc. bought a new position in D-Wave Quantum during the second quarter worth $795,206,000. Bank of America Corp DE bought a new position in shares of D-Wave Quantum in the second quarter valued at about $104,183,000. Clear Street Group Inc. raised its position 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 purchasing an additional 1,232,106 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of D-Wave Quantum by 311.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after buying an additional 2,685,980 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of D-Wave Quantum by 52.6% during the 2nd quarter. Van ECK Associates Corp now owns 2,339,788 shares of the company’s stock worth $56,132,000 after buying an additional 806,835 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.

Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.