D-Wave Quantum (NYSE:QBTS) Given Buy Rating at Westpark Capital

Westpark Capital reaffirmed their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research report report published on Friday morning, Marketbeat.com reports. Westpark Capital currently has a $3.00 price target on the stock.

A number of other analysts also recently weighed in on QBTS. B. Riley began coverage on D-Wave Quantum in a research report on Thursday, July 25th. They set a buy rating and a $3.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and set a $2.50 price objective on shares of D-Wave Quantum in a research report on Tuesday, May 14th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has an average rating of Buy and a consensus target price of $2.82.

D-Wave Quantum Stock Performance

NYSE:QBTS traded up $0.04 during mid-day trading on Friday, reaching $0.84. 1,853,886 shares of the company’s stock were exchanged, compared to its average volume of 4,028,047. D-Wave Quantum has a one year low of $0.57 and a one year high of $2.44. The business’s fifty day simple moving average is $1.10 and its two-hundred day simple moving average is $1.40. The firm has a market capitalization of $144.23 million, a PE ratio of -1.59 and a beta of 0.98.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Monday, May 13th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The firm had revenue of $2.47 million for the quarter, compared to the consensus estimate of $2.75 million. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Emil Michael sold 25,675 shares of D-Wave Quantum stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $1.35, for a total value of $34,661.25. Following the transaction, the director now owns 937,048 shares in the company, valued at $1,265,014.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC lifted its stake in shares of D-Wave Quantum by 25.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,350,096 shares of the company’s stock valued at $1,188,000 after acquiring an additional 270,096 shares during the last quarter. Bank of New York Mellon Corp bought a new position in D-Wave Quantum in the second quarter valued at about $251,000. Vanguard Group Inc. boosted its stake in shares of D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after purchasing an additional 162,688 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $76,000. Finally, Virtu Financial LLC grew its holdings in shares of D-Wave Quantum by 217.0% during the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock worth $254,000 after purchasing an additional 85,351 shares during the last quarter. Institutional investors 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.