D-Wave Quantum (NYSE:QBTS) Coverage Initiated at Stifel Nicolaus

Key Points

• Stifel Nicolaus has initiated coverage on D-Wave Quantum with a "buy" rating and a price target of $26.00, indicating a potential upside of 51.07% from the previous close.
• D-Wave Quantum recently reported earnings of ($0.02) per share, surpassing analyst expectations, alongside revenue of $15 million for the quarter.
• Insiders have sold a total of 1.6 million shares of D-Wave Quantum stock worth approximately $27.87 million over the past 90 days.

Equities research analysts at Stifel Nicolaus began coverage on shares of D-Wave Quantum (NYSE:QBTS - Get Free Report) in a research note issued on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $26.00 price target on the stock. Stifel Nicolaus' price target would suggest a potential upside of 41.77% from the company's previous close.

A number of other equities research analysts have also recently commented on the company. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Benchmark reiterated a "buy" rating and issued a $20.00 price objective on shares of D-Wave Quantum in a report on Monday. Canaccord Genuity Group assumed coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price objective on the stock. Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Cantor Fitzgerald began coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price on the stock. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $17.55.

D-Wave Quantum Stock Performance

QBTS stock traded up $1.16 during midday trading on Tuesday, reaching $18.34. The stock had a trading volume of 57,924,771 shares, compared to its average volume of 44,403,864. The stock has a market cap of $5.36 billion, a PE ratio of -30.57 and a beta of 1.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The firm has a fifty day simple moving average of $16.68 and a two-hundred day simple moving average of $10.91. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $20.56.

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, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. As a group, equities research analysts anticipate 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 on Monday, June 16th. The stock was 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 of the company's stock, valued at approximately $726,438. The trade was a 25.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director directly owned 14,260 shares of the company's stock, valued at $240,281. The trade was a 88.20% 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 valued at $27,872,091 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of large investors have recently modified their holdings of the stock. Capital Advisory Group Advisory Services LLC grew its stake in shares of D-Wave Quantum by 3.0% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company's stock worth $325,000 after purchasing an additional 646 shares in the last quarter. Center for Financial Planning Inc. grew its stake in shares of D-Wave Quantum by 23.6% during the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company's stock worth $53,000 after purchasing an additional 695 shares in the last quarter. bLong Financial LLC grew its stake in shares of D-Wave Quantum by 5.2% during the first quarter. bLong Financial LLC now owns 24,092 shares of the company's stock worth $183,000 after purchasing an additional 1,200 shares in the last quarter. Baird Financial Group Inc. grew its stake in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in D-Wave Quantum by 24.2% in the second quarter. Signaturefd LLC now owns 7,168 shares of the company's stock valued at $105,000 after acquiring an additional 1,397 shares in the last quarter. Hedge funds and other 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.