D-Wave Quantum Inc. (NYSE:QBTS) Receives $33.67 Consensus PT from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has been given a consensus rating of “Moderate Buy” by the sixteen research 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 fourteen have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $33.6667.

Several equities analysts have recently issued reports on the stock. Evercore ISI initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price objective on the stock. Williams Trading set a $35.00 price target on D-Wave Quantum in a report on Monday, November 10th. Benchmark raised their price objective on D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Canaccord Genuity Group boosted their target price on D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, B. Riley increased their price target on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd.

D-Wave Quantum Stock Up 7.4%

D-Wave Quantum stock opened at $28.08 on Thursday. D-Wave Quantum has a 52 week low of $3.74 and a 52 week high of $46.75. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of -20.80 and a beta of 1.57. The company’s 50-day moving average price is $26.84 and its two-hundred day moving average price is $23.07. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

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

Insider Buying and Selling

In other news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the completion of the sale, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. This trade represents a 20.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 806,288 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total value of $23,277,534.56. Following the completion of the transaction, the chief executive officer owned 2,801,265 shares in the company, valued at $80,872,520.55. This trade represents a 22.35% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 2,342,087 shares of company stock valued at $66,073,024. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. grew its stake in shares of D-Wave Quantum by 123.2% in the first quarter. Invesco Ltd. now owns 95,121 shares of the company’s stock worth $723,000 after acquiring an additional 52,502 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after acquiring an additional 3,165 shares in the last quarter. Raymond James Financial Inc. grew its holdings in shares of D-Wave Quantum by 75.3% during the 1st quarter. Raymond James Financial Inc. now owns 435,664 shares of the company’s stock worth $3,311,000 after purchasing an additional 187,191 shares in the last quarter. Northern Trust Corp increased its position in shares of D-Wave Quantum by 63.4% during the first quarter. Northern Trust Corp now owns 1,597,981 shares of the company’s stock valued at $12,145,000 after purchasing an additional 619,894 shares during the period. Finally, Hsbc Holdings PLC raised its stake in shares of D-Wave Quantum by 83.7% in the first quarter. Hsbc Holdings PLC now owns 21,134 shares of the company’s stock valued at $156,000 after purchasing an additional 9,629 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

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.