D-Wave Quantum Inc. (NYSE:QBTS) Receives $16.70 Average PT from Brokerages

Key Points

• D-Wave Quantum Inc. (NYSE:QBTS) has received a consensus recommendation of "Buy" from ten analysts, with an average 12-month price target of $16.70.
• Insider transactions revealed a significant sale of shares, with Director Kirstjen Nielsen selling 58,644 shares and CFO John M. Markovich selling 400,000 shares recently, indicating a decline in insider ownership.
• D-Wave Quantum reported earnings of ($0.02) EPS, beating estimates, and revenue of $15 million, surpassing consensus expectations of $10.50 million.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has received a consensus recommendation of "Buy" from the eleven analysts that are covering the stock, MarketBeat reports. Eleven equities research analysts have rated the stock with a buy rating. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $17.5455.

Several analysts have issued reports on the company. Cantor Fitzgerald began coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price for the company. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research report on Tuesday. They set a "buy" rating and a $26.00 price objective for the company. Canaccord Genuity Group started coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 target price on the stock. Needham & Company LLC lifted their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Benchmark reaffirmed a "buy" rating and set a $20.00 price target on shares of D-Wave Quantum in a research report on Monday.

Insider Transactions at D-Wave Quantum

In other news, Director Rohit Ghai sold 43,517 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the sale, the director owned 57,778 shares of the company's stock, valued at approximately $970,670.40. This represents a 42.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kirstjen Nielsen sold 58,644 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total value of $950,619.24. Following the completion of the transaction, the director owned 132,673 shares in the company, valued at $2,150,629.33. The trade was a 30.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Reyes Financial Architecture Inc. bought a new stake in D-Wave Quantum in the second quarter valued at approximately $29,000. Parallel Advisors LLC raised its position in shares of D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after purchasing an additional 1,532 shares during the period. Gables Capital Management Inc. bought a new position in D-Wave Quantum in the 2nd quarter valued at $37,000. Huntington National Bank bought a new position in D-Wave Quantum in the second quarter valued at $41,000. Finally, Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Stock Performance

Shares of D-Wave Quantum stock traded up $1.16 during trading on Monday, hitting $18.34. 57,924,771 shares of the company's stock traded hands, compared to its average volume of 44,403,864. The stock has a market capitalization of $5.36 billion, a P/E ratio of -30.57 and a beta of 1.41. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $20.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The business has a 50-day simple moving average of $16.66 and a 200-day simple moving average of $10.85.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The firm had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. As a group, analysts forecast that D-Wave Quantum will post -0.41 EPS for the current year.

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.