D-Wave Quantum's (QBTS) "Buy" Rating Reiterated at Benchmark

Key Points

• D-Wave Quantum's stock has received a reaffirmed "buy" rating from Benchmark, with a target price of $20.00, indicating a potential upside of 22.03%.
• The stock's current market capitalization is approximately $4.79 billion, with a twelve-month high of $20.56 and a low of $0.75.
• Insider transactions revealed significant sales, with Director Kirstjen Nielsen selling over 58,000 shares, and CFO John M. Markovich selling 400,000 shares, reflecting a 30.65% and 20.22% reduction in their respective positions.

D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Benchmark in a research note issued on Monday,Benzinga reports. They currently have a $20.00 target price on the stock. Benchmark's price objective suggests a potential upside of 22.03% from the stock's current price.

Several other research firms have also issued reports on QBTS. Needham & Company LLC boosted their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. B. Riley raised their price target on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target for the company. Finally, Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $16.70.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $16.39 on Monday. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of -27.32 and a beta of 1.41. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $20.56. The stock has a fifty day simple moving average of $16.70 and a 200 day simple moving average of $10.77. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Sell-side analysts expect that D-Wave Quantum will post -0.41 EPS for the current year.

Insider Activity

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total transaction of $950,619.24. Following the transaction, the director directly owned 132,673 shares of the company's stock, valued at $2,150,629.33. The trade was a 30.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum 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 transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the company. Vontobel Holding Ltd. boosted its holdings in 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. increased its position 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 valued at $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. JPMorgan Chase & Co. increased its position 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 valued at $393,000 after purchasing an additional 8,001 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $111,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of D-Wave Quantum during the 1st quarter valued at $167,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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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