B. Riley Issues Positive Forecast for D-Wave Quantum (NYSE:QBTS) Stock Price

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 target price boosted by equities research analysts at B. Riley from $22.00 to $33.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley's price objective indicates a potential upside of 28.68% from the company's previous close.

QBTS has been the subject of several other reports. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Rosenblatt Securities assumed coverage on shares of D-Wave Quantum in a research note on Tuesday, July 29th. They set a "buy" rating and a $30.00 price target on the stock. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price objective for the company. Finally, Piper Sandler increased their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $20.27.

D-Wave Quantum Price Performance

QBTS stock traded down $1.24 during midday trading on Monday, reaching $25.65. The stock had a trading volume of 69,605,451 shares, compared to its average volume of 41,232,792. D-Wave Quantum has a 52-week low of $0.87 and a 52-week high of $27.33. The company has a market cap of $8.77 billion, a price-to-earnings ratio of -24.42 and a beta of 1.40. The company's fifty day simple moving average is $17.59 and its 200 day simple moving average is $13.67. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The business had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.D-Wave Quantum's quarterly revenue was up 40.9% compared to the same quarter last year. As a group, sell-side 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, CFO John M. Markovich sold 50,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $16.30, for a total value of $815,000.00. Following the transaction, the chief financial officer owned 1,599,511 shares of the company's stock, valued at $26,072,029.30. This represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the sale, the director directly owned 36,295 shares of the company's stock, valued at $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,000 shares of company stock valued at $2,937,740. Insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after purchasing an additional 4,166,721 shares during the last quarter. State Street Corp boosted its holdings in shares of D-Wave Quantum by 41.3% in the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company's stock valued at $97,333,000 after buying an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 41.6% in the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company's stock valued at $93,877,000 after buying an additional 1,883,109 shares in the last quarter. Marex Group plc purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at $80,070,000. Finally, Penserra Capital Management LLC raised its stake in D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 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 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.