D-Wave Quantum Inc. (NYSE:QBTS) Receives $37.86 Average PT from Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been assigned a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $38.2143.

QBTS has been the subject of several recent analyst reports. Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a research report on Monday, November 10th. Wedbush initiated coverage on D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Finally, Roth Mkm set a $40.00 target price on D-Wave Quantum in a research report on Thursday, November 6th.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $21.21 on Monday. D-Wave Quantum has a 1 year low of $4.45 and a 1 year high of $46.75. The stock has a market capitalization of $7.84 billion, a PE ratio of -15.71 and a beta of 1.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The stock has a 50-day simple moving average of $26.44 and a 200-day simple moving average of $24.78.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. The business’s revenue for the quarter was up 105.6% on a year-over-year basis. On average, analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 806,288 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the sale, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at approximately $80,872,520.55. This trade represents a 22.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the completion of the transaction, the chief financial officer owned 1,482,874 shares of the company’s stock, valued at approximately $34,017,129.56. The trade was a 11.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,346,916 shares of company stock worth $65,591,314 over the last three months. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $29,000. Ancora Advisors LLC acquired a new position in D-Wave Quantum during the third quarter worth approximately $30,000. Financial Consulate Inc. purchased a new stake in D-Wave Quantum in the third quarter valued at approximately $31,000. Parallel Advisors LLC lifted its stake in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after buying an additional 1,532 shares during the last quarter. Finally, Gables Capital Management Inc. acquired a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $37,000. Hedge funds and other institutional investors 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.