D-Wave Quantum (NASDAQ:QBTS) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley Financial cut D-Wave Quantum’s price target from $40 to $27 but maintained a “buy” rating, implying 155.56% upside from the prior close.
• Analyst sentiment remains broadly positive: 13 analysts rate the stock a Buy, two rate it Hold, and one rates it Sell. The consensus rating is “Moderate Buy,” with an average price target of $35.40.
• D-Wave shares traded at $10.56, near their 52-week low, after the company missed quarterly expectations with a $0.10 per-share loss and $3.08 million in revenue versus the $4.03 million estimate.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) had its target price cut by B. Riley Financial from $40.00 to $27.00 in a report issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's price target would suggest a potential upside of 155.56% from the company's previous close.

QBTS has been the topic of several other reports. Canaccord Genuity Group set a $35.00 price objective on D-Wave Quantum in a research note on Thursday, August 6th. Wedbush assumed coverage on shares of D-Wave Quantum in a research report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 target price for the company. Wall Street Zen raised shares of D-Wave Quantum from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Roth Capital reaffirmed a "buy" rating and issued a $30.00 target price on shares of D-Wave Quantum in a report on Thursday, August 6th. Finally, Jefferies Financial Group set a $40.00 price target on D-Wave Quantum in a research report on Friday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of "Moderate Buy" and a consensus target price of $35.40.

D-Wave Quantum Stock Performance

Shares of NASDAQ QBTS traded down $0.09 during midday trading on Monday, reaching $10.56. 3,919,461 shares of the company traded hands, compared to its average volume of 25,584,551. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. D-Wave Quantum has a 52 week low of $10.23 and a 52 week high of $37.62. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -14.99 and a beta of 2.35. The stock has a 50-day moving average price of $15.45 and a 200 day moving average price of $19.38.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.02). The company had revenue of $3.08 million during the quarter, compared to analysts' expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%. The company's revenue for the quarter was down 0.6 compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) EPS. Sell-side analysts anticipate that D-Wave Quantum will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. B&D White Capital Company LLC purchased a new position in D-Wave Quantum in the 3rd quarter worth approximately $1,375,000. Commonwealth Equity Services LLC raised its position in shares of D-Wave Quantum by 10.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 160,161 shares of the company's stock valued at $2,654,000 after buying an additional 15,163 shares in the last quarter. Integrity Alliance LLC. bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth $272,000. bLong Financial LLC lifted its holdings in shares of D-Wave Quantum by 6.2% during the 3rd quarter. bLong Financial LLC now owns 28,454 shares of the company's stock worth $471,000 after acquiring an additional 1,661 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in D-Wave Quantum by 158.1% in the third quarter. International Assets Investment Management LLC now owns 40,000 shares of the company's stock worth $663,000 after acquiring an additional 24,502 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 NASDAQ: QBTS is a quantum computing company that develops and provides quantum computing systems, software, and related services. The company focuses on both quantum annealing and gate-model quantum computing, with the goal of helping organizations address complex optimization, artificial intelligence, materials science, cybersecurity, and other computational challenges.

Its product portfolio includes quantum computing systems, hybrid quantum-classical solutions, and the Leap quantum cloud service, which gives customers access to D-Wave systems through the cloud.

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