D-Wave Quantum (NASDAQ:QBTS) Given New $20.00 Price Target at StoneX

D-Wave Quantum (NASDAQ:QBTS) had its price target lowered by stock analysts at StoneX from $30.00 to $20.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. StoneX‘s price target would suggest a potential upside of 87.79% from the stock’s current price.

QBTS has been the topic of a number of other reports. Benchmark started coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They issued a “buy” rating and a $30.00 target price on the stock. Roth Capital reissued a “buy” rating and set a $30.00 price target on shares of D-Wave Quantum in a research report on Thursday, August 6th. Rosenblatt Securities dropped their price objective on shares of D-Wave Quantum from $43.00 to $30.00 and set a “buy” rating on the stock in a research note on Wednesday. Stifel Nicolaus cut their price objective on shares of D-Wave Quantum from $35.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, BMO Capital Markets assumed coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They issued an “outperform” rating and a $35.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

D-Wave Quantum Price Performance

QBTS stock opened at $10.65 on Wednesday. The firm’s fifty day moving average is $14.22 and its 200 day moving average is $18.68. D-Wave Quantum has a 52 week low of $8.48 and a 52 week high of $32.39. The firm has a market cap of $3.94 billion, a P/E ratio of -24.77 and a beta of 2.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings results on Tuesday, November 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.03). The firm had revenue of $4.51 million for the quarter, compared to analysts’ expectations of $4.37 million. D-Wave Quantum had a negative net margin of 1,188.79% and a negative return on equity of 15.39%. During the same period in the previous year, the company earned ($0.41) EPS. Research analysts predict that D-Wave Quantum will post -0.50 earnings per share for the current year.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC lifted its holdings in D-Wave Quantum by 39.7% during the third quarter. Private Advisor Group LLC now owns 67,706 shares of the company’s stock valued at $1,122,000 after purchasing an additional 19,252 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of D-Wave Quantum by 7.0% in the third quarter. Voya Investment Management LLC now owns 1,161,501 shares of the company’s stock worth $19,246,000 after purchasing an additional 76,350 shares in the last quarter. Bogart Wealth LLC raised its position in shares of D-Wave Quantum by 36.5% during the 3rd quarter. Bogart Wealth LLC now owns 4,065 shares of the company’s stock valued at $67,000 after purchasing an additional 1,086 shares during the period. Cibc World Market Inc. raised its position in shares of D-Wave Quantum by 28.5% during the 3rd quarter. Cibc World Market Inc. now owns 78,228 shares of the company’s stock valued at $1,296,000 after purchasing an additional 17,339 shares during the period. Finally, Virtus Advisers LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter valued at $340,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Recent D-Wave Quantum Headlines

Here are a few of the latest headlines about QBTS:

• Neutral Sentiment: Analysts cut price targets after the results, though Canaccord, Needham, Stifel and Rosenblatt retained Buy ratings; Canaccord’s revised target is $31. Canaccord Genuity Group price target
• Negative Sentiment: Third-quarter results were mixed: revenue rose 21% to $4.51 million and beat estimates, but the $0.13-per-share loss was wider than expected. Quarterly bookings fell about 19% year over year, while operating costs and cash burn drew investor concern. D Wave Quantum Stock Price Sinks As Q3 Results Expose Cash Burn
• Negative Sentiment: Multiple law firms publicized a pending securities class action and the December 15 lead-plaintiff deadline. The lawsuit adds headline risk; its allegations have not been established in court. Faruqi & Faruqi investor notice

About D-Wave Quantum

D-Wave Quantum develops quantum computing systems, software and services for commercial, government and research users. The company focuses on quantum annealing, an approach designed to help solve complex optimization and sampling problems, and offers hybrid tools that combine quantum processing with classical computing. Its offerings include Advantage quantum computers, the Leap quantum cloud service, and software for building and running applications. D-Wave’s technology is used to explore challenges such as scheduling, resource allocation and supply-chain optimization.