D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Rating of "Buy" from Brokerages

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) have received a consensus rating of "Buy" from the six research firms that are covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $8.42.

Several research analysts have recently commented on the company. Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday.

D-Wave Quantum Trading Down 3.7 %

QBTS stock traded down $0.27 during midday trading on Tuesday, hitting $7.07. 23,486,020 shares of the company's stock were exchanged, compared to its average volume of 82,033,125. The firm has a 50 day moving average price of $6.71 and a 200-day moving average price of $4.59. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.95. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -16.83 and a beta of 1.12.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. On average, sell-side analysts forecast that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 5,582 shares of the company's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares of the company's stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock valued at $46,758,181 in the last three months. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. grew its holdings in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after acquiring an additional 1,766 shares during the period. Invesco Ltd. boosted its position in shares of D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after purchasing an additional 2,051 shares in the last quarter. Corebridge Financial Inc. grew its stake in shares of D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after purchasing an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock valued at $110,000 after purchasing an additional 3,660 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Company Profile

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.