D-Wave Quantum (NYSE:QBTS) Given "Outperform" Rating at Wedbush

Key Points

• Wedbush reiterated an “Outperform” rating on D-Wave Quantum and maintained a $40 price target, implying 106.23% upside from the previous close.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $36.80; 14 analysts rate the stock a Buy, while one rates it a Hold and one a Sell.
• D-Wave reported a quarterly loss of $0.05 per share, beating estimates, but revenue fell 80.9% year over year to $2.86 million. Insiders have sold about $35.8 million of stock over the past three months.

D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "outperform" rating restated by research analysts at Wedbush in a research note issued on Monday,Benzinga reports. They currently have a $40.00 target price on the stock. Wedbush's price target indicates a potential upside of 106.23% from the stock's previous close.

A number of other equities analysts also recently commented on the stock. Benchmark began coverage on shares of D-Wave Quantum in a research note on Monday, July 27th. They set a "buy" rating and a $30.00 target price on the stock. Jefferies Financial Group reissued a "buy" rating on shares of D-Wave Quantum in a research note on Tuesday, May 12th. B. Riley Financial raised their price target on shares of D-Wave Quantum from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $40.00 price target on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Finally, Northland Securities started coverage on D-Wave Quantum in a report on Monday, April 20th. They issued a "market perform" rating and a $22.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.80.

D-Wave Quantum Stock Up 7.3%

Shares of NYSE:QBTS opened at $19.40 on Monday. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average of $22.55 and a two-hundred day moving average of $20.83. The stock has a market cap of $7.17 billion, a P/E ratio of -16.98 and a beta of 2.11. D-Wave Quantum has a 52-week low of $12.75 and a 52-week high of $46.75.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm had revenue of $2.86 million for the quarter, compared to analysts' expectations of $4.19 million. During the same quarter in the previous year, the company posted ($0.02) EPS. The company's revenue was down 80.9% compared to the same quarter last year. On average, research analysts expect that D-Wave Quantum will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Sophie C. Ames sold 23,025 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total value of $437,014.50. Following the sale, the vice president directly owned 596,803 shares of the company's stock, valued at approximately $11,327,320.94. The trade was a 3.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, the director owned 23,617 shares in the company, valued at approximately $623,724.97. This represents a 36.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,363,842 shares of company stock valued at $35,789,148 over the last three months. Company insiders own 1.30% of the company's stock.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its position in shares of D-Wave Quantum by 9.2% during the second quarter. CoreCap Advisors LLC now owns 6,115 shares of the company's stock worth $147,000 after buying an additional 515 shares during the period. Sigma Planning Corp raised its holdings in shares of D-Wave Quantum by 3.6% in the 4th quarter. Sigma Planning Corp now owns 16,329 shares of the company's stock valued at $431,000 after buying an additional 560 shares during the period. AlphaStar Capital Management LLC lifted its stake in D-Wave Quantum by 2.2% during the 4th quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company's stock worth $708,000 after acquiring an additional 592 shares in the last quarter. Thoroughbred Financial Services LLC lifted its stake in D-Wave Quantum by 0.5% during the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company's stock worth $3,447,000 after acquiring an additional 602 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in D-Wave Quantum by 0.7% during the 4th quarter. Arizona State Retirement System now owns 92,037 shares of the company's stock valued at $2,407,000 after acquiring an additional 613 shares during the period. Hedge funds and other institutional investors own 42.47% of the company's stock.

About D-Wave Quantum

D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

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