D-Wave Quantum Inc. (NYSE:QBTS) Receives $8.42 Average PT from Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) have been assigned an average recommendation of "Buy" from the six analysts that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $8.42.

QBTS has been the topic of several recent analyst reports. Roth Mkm raised their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark reiterated a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Finally, B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth about $38,000. Amalgamated Bank lifted its holdings in shares of D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after purchasing an additional 3,266 shares during the period. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the 4th quarter worth approximately $67,000. Finally, KBC Group NV acquired a new position in D-Wave Quantum in the 1st quarter worth approximately $69,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Stock Performance

Shares of QBTS traded down $0.15 during midday trading on Friday, hitting $7.38. 29,878,001 shares of the company traded hands, compared to its average volume of 34,313,719. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -17.57 and a beta of 0.88. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.95. The firm has a 50 day moving average of $7.04 and a 200-day moving average of $5.37.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. Sell-side analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

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.