D-Wave Quantum (NYSE:QBTS) Price Target Raised to $22.00 at Piper Sandler

Key Points

• Research analysts at Piper Sandler have raised the price target for D-Wave Quantum from $13.00 to $22.00, indicating a potential upside of 28.56% from the stock's current price.
• D-Wave Quantum reported a quarterly revenue of $3.10 million, exceeding estimates and showing a 40.9% increase compared to the previous year, despite missing earnings expectations.
• Insiders have sold a total of 1,636,796 shares of D-Wave Quantum stock in the last ninety days, representing significant decreases in their ownership stakes.

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its target price raised by research analysts at Piper Sandler from $13.00 to $22.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 28.56% from the stock's current price.

A number of other research firms have also issued reports on QBTS. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price on the stock. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Stifel Nicolaus initiated coverage on D-Wave Quantum in a research report on Tuesday. They set a "buy" rating and a $26.00 price objective for the company. Needham & Company LLC restated a "buy" rating on shares of D-Wave Quantum in a research note on Monday. Finally, Williams Trading set a $20.00 target price on D-Wave Quantum in a report on Wednesday, June 18th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $17.92.

D-Wave Quantum Stock Performance

QBTS opened at $17.11 on Friday. 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 company has a market cap of $5.00 billion, a PE ratio of -28.52 and a beta of 1.41. The stock has a 50-day moving average of $16.70 and a 200-day moving average of $11.03. 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 earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.55 million. The firm's quarterly revenue was up 40.9% compared to the same quarter last year. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, 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 transaction of $1,796,648.10. Following the sale, the director owned 14,260 shares in the company, valued at $240,281. The trade was a 88.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were 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 owned 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock valued at $27,872,091 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position 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 period. Bank of America Corp DE lifted its holdings in shares of 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 valued at $21,404,000 after acquiring an additional 2,497,263 shares during the period. Penserra Capital Management LLC boosted its stake in shares of 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 purchasing an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. boosted its stake in shares of 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 purchasing an additional 2,216,000 shares in the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of D-Wave Quantum in the 1st quarter worth about $8,064,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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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