B. Riley Increases D-Wave Quantum (NYSE:QBTS) Price Target to $33.00

Key Points

• B. Riley has raised its price target for D-Wave Quantum (NYSE: QBTS) from $22.00 to $33.00, indicating a potential upside of 29.15% from the stock's previous close.
• The stock is currently rated as a "buy" by several firms, but it has faced mixed reviews, with Wall Street Zen recently downgrading it from "hold" to "sell."
• D-Wave Quantum's shares traded down 4.9% on the day of the report, closing at $25.55, while also reporting a quarterly revenue of $3.10 million.

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price target boosted by analysts at B. Riley from $22.00 to $33.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's price target points to a potential upside of 29.15% from the company's previous close.

Several other research firms have also commented on QBTS. Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Stifel Nicolaus initiated coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They issued a "buy" rating and a $26.00 target price on the stock. Piper Sandler increased their target price on D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Canaccord Genuity Group began coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price on the stock. Finally, Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a report on Wednesday, June 18th. Eleven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $20.27.

D-Wave Quantum Stock Down 4.9%

Shares of NYSE QBTS traded down $1.33 during trading on Monday, reaching $25.55. The company had a trading volume of 37,903,557 shares, compared to its average volume of 64,631,215. The business's 50-day moving average is $17.40 and its 200 day moving average is $13.53. D-Wave Quantum has a 12-month low of $0.87 and a 12-month high of $27.33. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. The stock has a market cap of $8.74 billion, a PE ratio of -24.26 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The company had revenue of $3.10 million for the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The firm's quarterly revenue was up 40.9% on a year-over-year basis. As a group, equities analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director directly owned 47,778 shares in the company, valued at $856,659.54. The trade was a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the sale, the director owned 36,295 shares in the company, valued at $650,769.35. This trade represents a 18.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 168,000 shares of company stock worth $2,937,740 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG raised its position in shares of D-Wave Quantum by 35.0% during the 4th quarter. Deutsche Bank AG now owns 73,906 shares of the company's stock worth $621,000 after purchasing an additional 19,157 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of D-Wave Quantum by 14.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,135 shares of the company's stock valued at $472,000 after purchasing an additional 7,185 shares during the period. Nuveen Asset Management LLC grew its position in D-Wave Quantum by 9.8% during the fourth quarter. Nuveen Asset Management LLC now owns 481,708 shares of the company's stock worth $4,046,000 after buying an additional 43,159 shares during the period. ProShare Advisors LLC increased its stake in shares of D-Wave Quantum by 68.3% during the 4th quarter. ProShare Advisors LLC now owns 27,851 shares of the company's stock worth $234,000 after purchasing an additional 11,301 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at $104,000. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.

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