D-Wave Quantum Inc. (NYSE:QBTS) Receives $29.85 Consensus Price Target from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has received an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $29.8462.

QBTS has been the topic of several recent analyst reports. Rosenblatt Securities boosted their target price on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday, November 7th. Cantor Fitzgerald upped their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Roth Capital set a $40.00 price objective on D-Wave Quantum in a research report on Thursday, November 6th. Benchmark lifted their target price on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, B. Riley upped their price target on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 22nd.

D-Wave Quantum Stock Down 0.5%

Shares of NYSE:QBTS opened at $28.31 on Friday. D-Wave Quantum has a 52-week low of $3.71 and a 52-week high of $46.75. The stock has a market cap of $9.91 billion, a P/E ratio of -20.97 and a beta of 1.57. The business has a fifty day moving average of $29.74 and a two-hundred day moving average of $21.88. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. The company’s revenue was up 105.6% on a year-over-year basis. On average, research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director directly owned 47,778 shares in the company, valued at approximately $856,659.54. This represents a 17.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the transaction, the director directly owned 36,295 shares of the company’s stock, valued at $650,769.35. The trade was a 18.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,494,813 shares of company stock worth $39,774,206. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG grew its stake in shares of D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after acquiring an additional 10,205,427 shares in the last quarter. Marex Group plc purchased a new stake in shares of D-Wave Quantum during the second quarter worth $80,070,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of D-Wave Quantum in the second quarter valued at $45,372,000. Finally, Clear Street Group Inc. acquired a new stake in shares of D-Wave Quantum in the third quarter valued at $75,344,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.