Benchmark Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS) had its price objective boosted by Benchmark from $8.00 to $14.00 in a report issued on Monday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the stock. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Needham & Company LLC lifted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a report on Friday. Finally, B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $10.17.

D-Wave Quantum Trading Down 3.8%

QBTS stock opened at $10.67 on Monday. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.95. The company has a market capitalization of $3.11 billion, a P/E ratio of -25.40 and a beta of 0.90. The firm has a 50 day simple moving average of $7.51 and a 200-day simple moving average of $5.91.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. On average, research analysts predict that D-Wave Quantum will post -0.41 EPS for the current year.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in D-Wave Quantum by 5.8% in the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company’s stock valued at $236,000 after buying an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in D-Wave Quantum by 20.6% in the fourth 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 during the last quarter. Invesco Ltd. lifted its stake in D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after buying an additional 2,051 shares during the last quarter. XTX Topco Ltd lifted its stake in D-Wave Quantum by 3.4% in the first quarter. XTX Topco Ltd now owns 65,799 shares of the company’s stock valued at $500,000 after buying an additional 2,159 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its stake in D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after buying an additional 2,342 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.