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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have earned a consensus rating of “Buy” from the six ratings firms that are covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have covered the stock in the last year is $8.42.

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

D-Wave Quantum Trading Down 1.0 %

QBTS opened at $6.93 on Friday. The company’s 50 day moving average is $7.04 and its 200 day moving average is $5.43. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -16.50 and a beta of 0.88. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.95.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. As a group, analysts predict that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Institutional Trading of D-Wave Quantum

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the last quarter. Bank of America Corp DE increased its stake in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC lifted its stake in shares of 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 valued at $38,518,000 after purchasing an additional 2,253,741 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the period. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Company Profile

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.