D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has been given an average rating of "Buy" by the eight analysts that are covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have covered the stock in the last year is $14.38.
Several equities analysts have recently weighed in on the company. Benchmark restated a "buy" rating and issued a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Cantor Fitzgerald initiated coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price target for the company. Williams Trading set a $20.00 price target on D-Wave Quantum in a report on Wednesday, June 18th. B. Riley reiterated a "buy" rating and set a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a report on Wednesday, June 18th. Finally, Needham & Company LLC lifted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th.
View Our Latest Research Report on QBTS
D-Wave Quantum Stock Down 7.6%
Shares of NYSE QBTS traded down $1.21 during mid-day trading on Thursday, hitting $14.80. The company had a trading volume of 29,919,529 shares, compared to its average volume of 48,783,598. The company has a market capitalization of $4.32 billion, a PE ratio of -24.67 and a beta of 1.40. The firm has a 50-day simple moving average of $14.95 and a two-hundred day simple moving average of $9.68. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. D-Wave Quantum has a one year low of $0.75 and a one year high of $19.77.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. On average, equities analysts expect that D-Wave Quantum will post -0.41 EPS for the current year.
Insider Buying and Selling
In other news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the sale, the director directly owned 44,295 shares in the company, valued at approximately $726,438. The trade was a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the sale, the chief financial officer owned 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. The trade was a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 in the last quarter. Corporate insiders own 3.20% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after buying an additional 4,166,721 shares during the last quarter. Bank of America Corp DE grew its stake in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after buying an additional 2,497,263 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after buying an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its stake in shares of D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after buying an additional 2,216,000 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of D-Wave Quantum during the first quarter worth $8,064,000. 42.47% of the stock is owned by institutional investors.
About D-Wave Quantum
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Get Free ReportD-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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