D-Wave Quantum (NYSE:QBTS) Given New $22.00 Price Target at B. Riley

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price target hoisted by stock analysts at B. Riley from $20.00 to $22.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's price target points to a potential upside of 12.48% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Needham & Company LLC upped their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Benchmark reiterated a "buy" rating and issued a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a report on Wednesday. They issued a "buy" rating and a $20.00 price objective for the company. Finally, Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $15.22.

D-Wave Quantum Price Performance

D-Wave Quantum stock traded up $1.97 during mid-day trading on Wednesday, hitting $19.56. The company's stock had a trading volume of 52,087,218 shares, compared to its average volume of 71,520,367. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $5.71 billion, a P/E ratio of -32.59 and a beta of 1.40. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $20.56. The stock's fifty day moving average price is $15.84 and its two-hundred day moving average price is $9.97.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping 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. Research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of the stock in a transaction on 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 directly owned 57,778 shares in the company, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John D. Dilullo sold 15,000 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the completion of the sale, the director owned 44,295 shares in the company, valued at approximately $726,438. This trade represents a 25.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the period. Penserra Capital Management LLC raised 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 worth $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. raised its stake 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 worth $35,171,000 after purchasing an additional 2,216,000 shares in the last quarter. Geode Capital Management LLC raised its stake in D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after purchasing an additional 418,468 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. Institutional investors own 42.47% of the company's stock.

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.

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