D-Wave Quantum Inc. (NYSE:QBTS) Receives Consensus Recommendation of "Buy" from Analysts

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has earned a consensus recommendation of "Buy" from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $10.17.

A number of analysts have recently commented on QBTS shares. Needham & Company LLC boosted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Benchmark boosted their price objective on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Finally, Roth Mkm boosted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th.

Insider Activity

In related news, CFO John M. Markovich sold 400,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the sale, the chief financial officer now owns 1,577,944 shares in the company, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction 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 now directly owns 2,866,412 shares of the company's stock, valued at $48,729,004. This represents a 22.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,358,009 shares of company stock valued at $23,282,578 in the last quarter. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Vanguard Group Inc. lifted its stake in shares of D-Wave Quantum by 58.5% during the 1st 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. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after buying an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. raised its holdings in D-Wave Quantum by 91.9% in the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock valued at $35,171,000 after acquiring an additional 2,216,000 shares during the period. Geode Capital Management LLC lifted its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in 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 acquiring an additional 2,497,263 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Price Performance

QBTS traded down $0.76 during trading on Friday, reaching $15.12. The company had a trading volume of 41,450,097 shares, compared to its average volume of 46,033,567. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $19.77. The business's fifty day moving average price is $11.54 and its 200 day moving average price is $8.27. The company has a market cap of $4.42 billion, a P/E ratio of -36.00 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. As a group, sell-side analysts predict that D-Wave Quantum will post -0.41 EPS for the current fiscal 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.