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

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) have been assigned an average recommendation of "Buy" from the eight brokerages that are presently covering the stock, Marketbeat reports. Eight research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $14.38.

QBTS has been the topic of several recent research reports. Cantor Fitzgerald started coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target on the stock. Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Benchmark reiterated a "buy" rating and issued a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Williams Trading set a $20.00 price objective on D-Wave Quantum in a research report on Wednesday, June 18th. Finally, B. Riley reiterated a "buy" rating and issued a $20.00 price target (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th.

D-Wave Quantum Trading Down 2.2%

Shares of NYSE QBTS traded down $0.37 during midday trading on Thursday, reaching $16.03. 28,217,805 shares of the stock were exchanged, compared to its average volume of 48,355,213. The business has a 50-day simple moving average of $14.64 and a two-hundred day simple moving average of $9.57. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of -26.71 and a beta of 1.40. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $19.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61.

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

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer directly owned 2,866,412 shares in the company, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 sale, the chief financial officer directly owned 1,577,944 shares in the company, valued at $27,298,431.20. This trade represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock worth $27,872,091 in the last three months. Insiders own 3.20% of the company's stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum in the 4th quarter valued at $26,000. Reyes Financial Architecture Inc. acquired a new position in D-Wave Quantum in the 2nd quarter worth about $29,000. Parallel Advisors LLC raised its position in 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 last quarter. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the fourth quarter valued at about $38,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after purchasing an additional 3,165 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Company Profile

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.