D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have received an average rating of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $36.80.

A number of equities research analysts recently issued reports on QBTS shares. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research note on Thursday, June 11th. Jefferies Financial Group restated a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Mizuho increased their price objective on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, June 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th.

Insider Activity

In related news, Director Rohit Ghai sold 13,518 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the transaction, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the completion of the sale, the chief executive officer owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,360,772 shares of company stock worth $35,737,111. Company insiders own 1.30% 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 the company. Root Financial Partners LLC increased its position in shares of D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in D-Wave Quantum in the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its holdings in D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after purchasing an additional 838 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at $31,000. Finally, Ancora Advisors LLC acquired a new stake in D-Wave Quantum during the 3rd quarter worth $30,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 0.2%

Shares of QBTS opened at $16.77 on Monday. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. D-Wave Quantum has a 12 month low of $12.75 and a 12 month high of $46.75. The stock’s 50 day moving average is $23.50 and its two-hundred day moving average is $21.60. The firm has a market cap of $6.20 billion, a P/E ratio of -14.84 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business’s revenue was down 80.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) earnings per share. Analysts predict that D-Wave Quantum will post -0.42 earnings per share for the current fiscal year.

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.