Needham & Company LLC Reiterates "Buy" Rating for D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating reissued by Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $8.50 target price on the stock. Needham & Company LLC's price objective would suggest a potential upside of 35.14% from the stock's current price.

QBTS has been the topic of several other research reports. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Craig Hallum raised their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Roth Mkm increased their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Trading Down 12.2 %

NYSE QBTS traded down $0.87 on Wednesday, reaching $6.29. 33,742,395 shares of the stock were exchanged, compared to its average volume of 32,699,797. The firm has a market capitalization of $1.83 billion, a PE ratio of -14.98 and a beta of 0.88. D-Wave Quantum has a one year low of $0.75 and a one year high of $11.95. The company's 50-day simple moving average is $6.74 and its two-hundred day simple moving average is $4.70.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share 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 forecast that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the 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 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 document filed with the SEC, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the sale, the insider now owns 30,000,000 shares of the company's stock, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE grew its position in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the period. UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at about $20,258,000. Geode Capital Management LLC increased its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of D-Wave Quantum in the 4th quarter worth $2,087,000. 42.47% of the stock is owned by hedge funds and other 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.