D-Wave Quantum Inc. (NYSE:QBTS) Receives $20.27 Average Price Target from Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been assigned an average rating of “Buy” from the eleven brokerages that are currently covering the stock, MarketBeat reports. Eleven equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $20.2727.

A number of research analysts have weighed in on the stock. B. Riley upped their price objective on shares of D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday. Roth Capital restated a “buy” rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a report on Monday, August 4th. Wall Street Zen lowered D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $26.28 on Tuesday. The stock has a market capitalization of $8.99 billion, a price-to-earnings ratio of -25.03 and a beta of 1.39. D-Wave Quantum has a 12 month low of $0.87 and a 12 month high of $29.18. The firm’s 50 day simple moving average is $18.18 and its 200-day simple moving average is $14.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum’s revenue was up 40.9% compared to the same quarter last year. Analysts expect that D-Wave Quantum will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the completion of the sale, the director owned 47,778 shares of the company’s stock, valued at $856,659.54. The trade was a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director directly owned 36,295 shares of the company’s stock, valued at $650,769.35. This represents a 18.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,000 shares of company stock worth $2,937,740. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Marex Group plc acquired a new position in D-Wave Quantum in the 2nd quarter valued at $80,070,000. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after buying an additional 4,166,721 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in D-Wave Quantum during the second quarter worth about $45,372,000. Penserra Capital Management LLC boosted its position in D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock worth $38,518,000 after acquiring an additional 2,253,741 shares during the last quarter. Finally, UNICOM Systems Inc. boosted its position in D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock worth $35,171,000 after acquiring an additional 2,216,000 shares during 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.