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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been given an average recommendation of “Buy” by the six analysts that are currently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $8.42.

A number of analysts have recently weighed in on the stock. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the period. Penserra Capital Management LLC grew its position in D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock worth $38,518,000 after purchasing an additional 2,253,741 shares during the period. Geode Capital Management LLC raised its stake in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after buying an additional 418,468 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. purchased a new position in shares of D-Wave Quantum in the 4th quarter worth $20,258,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

Shares of QBTS opened at $6.93 on Friday. The company has a 50-day simple moving average of $7.04 and a two-hundred day simple moving average of $5.43. The firm has a market capitalization of $2.02 billion, a PE ratio of -16.50 and a beta of 0.88. D-Wave Quantum has a one year low of $0.75 and a one year 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 analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. Analysts expect that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

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.