D-Wave Quantum (NYSE:QBTS) Coverage Initiated at Rosenblatt Securities

Investment analysts at Rosenblatt Securities began coverage on shares of D-Wave Quantum (NYSE:QBTS) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. Rosenblatt Securities’ price objective indicates a potential upside of 76.37% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They set a “buy” rating and a $20.00 price objective for the company. B. Riley increased their price objective on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Benchmark restated a “buy” rating and set a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Finally, Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $16.70.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $17.01 on Tuesday. The firm has a market cap of $4.97 billion, a PE ratio of -28.35 and a beta of 1.40. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $20.56. The company has a fifty day moving average price of $16.78 and a 200 day moving average price of $10.53.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Research analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO John M. Markovich sold 400,000 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the sale, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. This trade represents a 20.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kirstjen Nielsen sold 13,000 shares of the firm’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.04, for a total transaction of $208,520.00. Following the completion of the sale, the director owned 119,673 shares of the company’s stock, valued at $1,919,554.92. This trade represents a 9.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock worth $27,872,091 in the last three months. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $26,000. Reyes Financial Architecture Inc. acquired a new stake in D-Wave Quantum in the 2nd quarter valued at about $29,000. Parallel Advisors LLC lifted its stake in D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after purchasing an additional 1,532 shares during the last quarter. Gables Capital Management Inc. bought a new position in D-Wave Quantum in the 2nd quarter valued at about $37,000. Finally, Russell Investments Group Ltd. raised its holdings in D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after acquiring an additional 3,165 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.