D-Wave Quantum (NYSE:QBTS) Upgraded at Zacks Research

D-Wave Quantum (NYSE:QBTS) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research firms also recently weighed in on QBTS. B. Riley Financial boosted their target price on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Needham & Company LLC reissued a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Jefferies Financial Group reissued a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Finally, Mizuho upped their target price on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.80.

D-Wave Quantum Price Performance

QBTS opened at $17.81 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The stock has a market capitalization of $6.59 billion, a P/E ratio of -15.76 and a beta of 2.11. The company’s 50 day simple moving average is $23.26 and its 200-day simple moving average is $21.48. D-Wave Quantum has a one year low of $12.75 and a one year high of $46.75.

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

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the transaction, the chief executive officer owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the transaction, the director owned 23,617 shares of the company’s stock, valued at $623,724.97. The trade was a 36.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,360,772 shares of company stock valued at $35,737,111. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the company. UBS Group AG grew its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares during the period. Geode Capital Management LLC grew its stake in D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after acquiring an additional 866,405 shares during the period. State Street Corp increased its holdings in shares of D-Wave Quantum by 5.3% in the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after acquiring an additional 385,809 shares in the last quarter. Marex Group plc increased its holdings in shares of D-Wave Quantum by 74.9% in the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after acquiring an additional 1,966,500 shares in the last quarter. Finally, Clear Street Group Inc. raised its position in shares of D-Wave Quantum by 40.4% during the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after purchasing an additional 1,232,106 shares during the period. 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.