D-Wave Quantum (NYSE:QBTS) Given “Overweight” Rating at Cantor Fitzgerald

D-Wave Quantum (NYSE:QBTS)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a note issued to investors on Wednesday,Benzinga reports. They currently have a $40.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 78.71% from the stock’s previous close.

Several other brokerages have also commented on QBTS. Wall Street Zen lowered D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Jefferies Financial Group reaffirmed a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. TD Cowen started coverage on shares of D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating for the company. Finally, Benchmark reissued a “buy” rating and set a $35.00 price objective on shares of D-Wave Quantum in a research note on Friday, January 23rd. Fourteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.80.

D-Wave Quantum Stock Down 6.9%

Shares of NYSE:QBTS opened at $22.38 on Wednesday. D-Wave Quantum has a 52-week low of $10.36 and a 52-week high of $46.75. The firm has a market capitalization of $8.28 billion, a P/E ratio of -20.35 and a beta of 1.95. The stock has a 50 day moving average price of $17.90 and a 200-day moving average price of $22.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same quarter last year, the business posted ($0.02) EPS. The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. As a group, equities research analysts anticipate that D-Wave Quantum will post -0.44 EPS for the current fiscal year.

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $17.62, for a total transaction of $176,200.00. Following the sale, the director owned 27,778 shares in the company, valued at $489,448.36. This represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the sale, the director directly owned 19,803 shares of the company’s stock, valued at $356,652.03. This trade represents a 28.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,776 shares of company stock valued at $574,571 in the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after purchasing an additional 11,218,255 shares during the last quarter. UBS Group AG lifted its holdings in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after buying an additional 866,405 shares during the last quarter. State Street Corp boosted its position in shares of D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after buying an additional 385,809 shares during the last quarter. Finally, Marex Group plc increased its holdings in D-Wave Quantum by 74.9% in the 4th quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after buying an additional 1,966,500 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

More D-Wave Quantum News

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: Needham & Company reaffirmed its Buy rating on D-Wave Quantum and raised its price target to $40, implying substantial upside from current levels. Needham & Company reaffirms Buy on D-Wave Quantum
• Positive Sentiment: D-Wave reported a smaller-than-expected quarterly loss of $0.05 per share versus estimates for a $0.08 loss, while bookings surged nearly 2,000%, highlighting strong customer demand. D-Wave earnings: revenue falls, bookings surge
• Neutral Sentiment: Mizuho lowered its price target on D-Wave Quantum from $31 to $29 but kept an Outperform rating, suggesting the firm still sees upside even after trimming expectations. Mizuho lowers target on D-Wave Quantum
• Neutral Sentiment: The company also issued a correction to its quarterly outstanding share disclosure, which looks more like a filing cleanup than a major business development. D-Wave corrects quarterly outstanding share disclosure
• Negative Sentiment: Investors remain focused on the big revenue miss: quarterly revenue came in at $2.86 million versus estimates of $4.19 million, and revenue fell sharply year over year. D-Wave earnings report
• Negative Sentiment: The company’s sales decline and continued losses are reminding traders that commercialization is still uneven, which is weighing on sentiment despite the strong bookings headline. Barrons article on D-Wave earnings

D-Wave Quantum Company Profile

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.