D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $48.00 price objective on the stock. Needham & Company LLC's target price points to a potential upside of 92.56% from the stock's previous close.
Several other brokerages also recently weighed in on QBTS. Zacks Research upgraded D-Wave Quantum from a "strong sell" rating to a "hold" rating in a research note on Thursday, November 6th. Jefferies Financial Group initiated coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They issued a "buy" rating and a $45.00 target price on the stock. Canaccord Genuity Group raised their price target on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, November 7th. Williams Trading set a $35.00 price target on shares of D-Wave Quantum in a report on Monday, November 10th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of D-Wave Quantum in a report on Monday, December 29th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Moderate Buy" and a consensus target price of $38.07.
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D-Wave Quantum Trading Up 1.0%
Shares of QBTS opened at $24.93 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. D-Wave Quantum has a 12 month low of $4.45 and a 12 month high of $46.75. The stock has a market cap of $8.73 billion, a PE ratio of -18.46 and a beta of 1.57. The stock's 50-day moving average is $26.37 and its two-hundred day moving average is $24.64.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. The firm's revenue for the quarter was up 105.6% compared to the same quarter last year. Equities analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.
Insider Activity
In related news, CFO John M. Markovich sold 9,179 shares of the firm's stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $257,562.74. Following the sale, the chief financial officer owned 1,462,133 shares of the company's stock, valued at approximately $41,027,451.98. This trade represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kirstjen Nielsen sold 7,000 shares of the business's stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total value of $158,340.00. Following the transaction, the director owned 112,673 shares of the company's stock, valued at $2,548,663.26. This represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,346,916 shares of company stock valued at $65,591,314 over the last quarter. Corporate insiders own 3.20% of the company's stock.
Institutional Investors Weigh In On D-Wave Quantum
A number of hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. lifted its stake in D-Wave Quantum by 125.7% during the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company's stock valued at $3,616,000 after purchasing an additional 137,549 shares during the last quarter. UNICOM Systems Inc. increased its holdings in shares of D-Wave Quantum by 12.1% in the third quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company's stock valued at $77,128,000 after buying an additional 337,838 shares in the last quarter. IFP Advisors Inc lifted its position in shares of D-Wave Quantum by 123.8% during the 2nd quarter. IFP Advisors Inc now owns 14,814 shares of the company's stock valued at $217,000 after acquiring an additional 8,194 shares during the last quarter. Csenge Advisory Group boosted its stake in shares of D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company's stock worth $887,000 after acquiring an additional 17,860 shares in the last quarter. Finally, World Investment Advisors acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth $190,000. 42.47% of the stock is currently owned by institutional investors.
D-Wave Quantum Company Profile
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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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