D-Wave Quantum Inc. (NYSE:QBTS) Given Average Rating of "Buy" by Brokerages

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has been assigned an average rating of "Buy" from the six analysts that are covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $8.42.

Several equities analysts have issued reports on the company. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th.

D-Wave Quantum Stock Down 1.0 %

NYSE:QBTS traded down $0.07 during trading hours on Friday, reaching $6.93. 20,063,416 shares of the company's stock were exchanged, compared to its average volume of 34,493,204. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.95. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -16.50 and a beta of 0.88. The company has a 50-day moving average of $7.04 and a 200 day moving average of $5.43.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. Research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the business. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum during the fourth quarter worth about $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at $38,000. Amalgamated Bank grew its holdings in D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after buying an additional 3,266 shares during the last quarter. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum in the fourth quarter worth $67,000. Finally, KBC Group NV purchased a new stake in shares of D-Wave Quantum in the first quarter valued at $69,000. 42.47% of the stock is currently owned by hedge funds and other 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.