Needham & Company LLC Reiterates Buy Rating for D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $48.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 126.31% from the company’s previous close.

QBTS has been the subject of a number of other research reports. Canaccord Genuity Group raised their price target on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a report on Friday, November 7th. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research note on Wednesday. Wedbush assumed coverage on D-Wave Quantum in a report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Finally, Cantor Fitzgerald boosted their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Stock Performance

Shares of NYSE:QBTS opened at $21.21 on Thursday. The business has a fifty day moving average of $26.44 and a 200-day moving average of $24.67. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. D-Wave Quantum has a twelve month low of $4.45 and a twelve month high of $46.75. The firm has a market cap of $7.43 billion, a PE ratio of -15.71 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The business’s quarterly revenue was up 105.6% on a year-over-year basis. On average, equities research analysts predict that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kirstjen Nielsen sold 7,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total value of $158,340.00. Following the sale, the director directly owned 112,673 shares in the company, valued at $2,548,663.26. This trade represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 35,013 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the transaction, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,346,916 shares of company stock worth $65,591,314 over the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sigma Planning Corp increased its holdings in shares of D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after acquiring an additional 560 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $372,000. Bogart Wealth LLC increased its stake in D-Wave Quantum by 105.4% during the 4th quarter. Bogart Wealth LLC now owns 2,691 shares of the company’s stock worth $70,000 after purchasing an additional 1,381 shares in the last quarter. Wealthfront Advisers LLC raised its holdings in D-Wave Quantum by 22.7% during the 4th quarter. Wealthfront Advisers LLC now owns 36,012 shares of the company’s stock worth $942,000 after buying an additional 6,665 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in D-Wave Quantum in the fourth quarter valued at approximately $231,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.