D-Wave Quantum (NYSE:QBTS) Now Covered by Rosenblatt Securities

Key Points

• Rosenblatt Securities initiated coverage on D-Wave Quantum (NYSE:QBTS), assigning a buy rating and a price target of $30.00, suggesting a potential upside of 63.31% from its current price.
• Multiple research firms have also upgraded their price targets on D-Wave Quantum, with B. Riley setting a target of $22.00 and Benchmark raising theirs to $20.00.
• Despite analyst optimism, D-Wave Quantum's stock recently experienced a 2.6% decline, highlighting possible volatility in its market performance.

Investment analysts at Rosenblatt Securities began coverage on shares of D-Wave Quantum (NYSE:QBTS - Get Free Report) in a report released on Tuesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $30.00 price target on the stock. Rosenblatt Securities' price target indicates a potential upside of 63.31% from the company's current price.

Several other research firms also recently commented on QBTS. B. Riley upped their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Benchmark reissued a "buy" rating and issued a $20.00 target price (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Canaccord Genuity Group began coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 target price for the company. Cantor Fitzgerald began coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price for the company. Finally, Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $16.70.

D-Wave Quantum Stock Down 2.6%

QBTS stock opened at $18.37 on Tuesday. 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 firm has a market capitalization of $5.37 billion, a PE ratio of -30.62 and a beta of 1.40. The stock's 50 day moving average is $16.73 and its 200-day moving average is $10.44. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS 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. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. Sell-side analysts expect that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director Rohit Ghai sold 43,517 shares of the company's 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 transaction, the director owned 57,778 shares of the company's stock, valued at approximately $970,670.40. This represents a 42.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 400,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. The trade was a 20.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,636,796 shares of company stock worth $27,872,091. Company insiders own 3.20% of the company's stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Vontobel Holding Ltd. lifted its holdings in shares of D-Wave Quantum by 786.8% during the 1st quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company's stock worth $842,000 after acquiring an additional 98,350 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of D-Wave Quantum by 20.6% during the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock worth $393,000 after acquiring an additional 8,001 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $111,000. Finally, Blair William & Co. IL lifted its holdings in shares of D-Wave Quantum by 29.9% during the 4th quarter. Blair William & Co. IL now owns 27,935 shares of the company's stock worth $235,000 after acquiring an additional 6,435 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

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.

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