D-Wave Quantum (NYSE:QBTS) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded D-Wave Quantum (NYSE: QBTS) from a hold to a strong-buy rating, adding to generally positive Street sentiment. The stock now has a consensus rating of Moderate Buy with an average price target of $36.80.
• QBTS shares rose 6.5% and opened at $17.81 on Monday. The stock has traded between $12.75 and $46.75 over the past year.
• In its latest earnings report, D-Wave Quantum beat EPS expectations with a loss of $0.05 per share versus the expected $0.08 loss, but revenue missed estimates and fell sharply year over year. Insiders have also sold shares recently, with about 1.30% of the company currently owned by insiders.

D-Wave Quantum (NYSE:QBTS - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts also recently commented on QBTS. Rosenblatt Securities reaffirmed a "buy" rating and set a $43.00 price objective on shares of D-Wave Quantum in a research report on Thursday, June 11th. Weiss Ratings upgraded shares of D-Wave Quantum from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, June 23rd. Jefferies Financial Group reissued a "buy" rating on shares of D-Wave Quantum in a research note on Tuesday, May 12th. Northland Securities assumed coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They set a "market perform" rating and a $22.00 price target on the stock. Finally, Stifel Nicolaus set a $35.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $36.80.

D-Wave Quantum Stock Up 6.5%

Shares of D-Wave Quantum stock opened at $17.81 on Monday. D-Wave Quantum has a 1 year low of $12.75 and a 1 year high of $46.75. The company has a market cap of $6.59 billion, a P/E ratio of -15.76 and a beta of 2.11. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The stock has a 50-day moving average price of $23.26 and a 200 day moving average price of $21.48.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its 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. The company had revenue of $2.86 million for the quarter, compared to analysts' expectations of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business's revenue for the quarter was down 80.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.02) EPS. As a group, analysts expect that D-Wave Quantum will post -0.42 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum 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 completion of the sale, the vice president directly owned 596,803 shares of the company's stock, valued at $11,327,320.94. The trade was a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director owned 21,310 shares in the company, valued at approximately $520,603.30. This trade represents a 26.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,360,772 shares of company stock valued at $35,737,111 in the last ninety days. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of the business. CoreCap Advisors LLC increased its holdings in D-Wave Quantum by 9.2% during the 2nd quarter. CoreCap Advisors LLC now owns 6,115 shares of the company's stock valued at $147,000 after purchasing an additional 515 shares in the last quarter. Sigma Planning Corp boosted its stake in D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company's stock worth $431,000 after purchasing an additional 560 shares in the last quarter. AlphaStar Capital Management LLC grew its holdings in shares of D-Wave Quantum by 2.2% during the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company's stock worth $708,000 after purchasing an additional 592 shares during the last quarter. Thoroughbred Financial Services LLC grew its holdings in shares of D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company's stock worth $3,447,000 after purchasing an additional 602 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of D-Wave Quantum by 0.7% in the fourth quarter. Arizona State Retirement System now owns 92,037 shares of the company's stock valued at $2,407,000 after buying an additional 613 shares in the last quarter. Institutional investors and hedge funds 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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