D-Wave Quantum’s (QBTS) “Buy” Rating Reiterated at Benchmark

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reiterated by analysts at Benchmark in a note issued to investors on Friday,Benzinga reports. They presently have a $35.00 price objective on the stock. Benchmark’s target price would indicate a potential upside of 35.37% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research note on Wednesday, January 7th. Evercore ISI initiated coverage on D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price target on the stock. Canaccord Genuity Group increased their price objective on D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Jefferies Financial Group assumed coverage on shares of D-Wave Quantum in a research note on Tuesday, December 16th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Wedbush started coverage on shares of D-Wave Quantum in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price target for the company. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

D-Wave Quantum Trading Down 5.7%

Shares of QBTS traded down $1.57 during mid-day trading on Friday, reaching $25.86. The company’s stock had a trading volume of 25,280,211 shares, compared to its average volume of 39,956,809. D-Wave Quantum has a 52 week low of $4.45 and a 52 week high of $46.75. The stock has a market cap of $9.05 billion, a PE ratio of -19.15 and a beta of 1.57. The company’s fifty day moving average price is $26.25 and its two-hundred day moving average price is $24.34. 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 released its earnings results on Thursday, November 6th. The company reported ($0.05) EPS 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 company had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. The business’s quarterly revenue was up 105.6% on a year-over-year basis. On average, analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the sale, the director directly owned 37,778 shares of the company’s stock, valued at approximately $917,249.84. This represents a 20.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 806,288 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total transaction 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 approximately $80,872,520.55. This represents a 22.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 2,346,916 shares of company stock valued at $65,591,314. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. raised its position in shares of D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after purchasing an additional 1,300 shares during the period. Royal Bank of Canada increased its stake in D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after buying an additional 60,668 shares in the last quarter. AQR Capital Management LLC raised its holdings in D-Wave Quantum by 201.0% during the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in D-Wave Quantum by 93.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after acquiring an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after acquiring an additional 24,382 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.