Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $8.42

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have received an average recommendation of “Buy” from the six brokerages that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $8.42.

A number of research firms have weighed in on QBTS. B. Riley raised their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Wednesday.

D-Wave Quantum Stock Down 12.2 %

Shares of QBTS opened at $6.29 on Tuesday. The stock has a market cap of $1.83 billion, a P/E ratio of -14.98 and a beta of 0.88. The business’s 50 day moving average price is $6.74 and its 200-day moving average price is $4.67. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.95.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. On average, equities analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum during the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum during the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. grew its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.