D-Wave Quantum Inc. (NYSE:QBTS) Receives Consensus Recommendation of "Buy" from Analysts

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has been assigned an average rating of "Buy" from the seven research firms that are presently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have covered the stock in the last year is $2.54.

A number of brokerages have recently issued reports on QBTS. Roth Mkm cut their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. Needham & Company LLC reduced their price objective on D-Wave Quantum from $2.50 to $2.25 and set a "buy" rating for the company in a research note on Friday, August 9th. Westpark Capital reiterated a "buy" rating and issued a $3.00 price target on shares of D-Wave Quantum in a report on Friday, August 9th. Benchmark cut their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Finally, B. Riley assumed coverage on D-Wave Quantum in a research report on Thursday, July 25th. They set a "buy" rating and a $3.00 price target on the stock.

D-Wave Quantum Trading Down 5.0 %

Shares of QBTS stock traded down $0.05 on Tuesday, reaching $0.91. 2,876,063 shares of the company's stock were exchanged, compared to its average volume of 3,682,591. The company's fifty day simple moving average is $0.95 and its 200 day simple moving average is $1.23. The stock has a market capitalization of $183.78 million, a PE ratio of -1.82 and a beta of 0.98. D-Wave Quantum has a 52 week low of $0.57 and a 52 week high of $2.44.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The firm had revenue of $2.18 million for the quarter, compared to analysts' expectations of $2.88 million. As a group, sell-side analysts predict that D-Wave Quantum will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Delta Investment Management LLC acquired a new position in D-Wave Quantum during the 1st quarter worth $36,000. Baader Bank Aktiengesellschaft purchased a new position in D-Wave Quantum during the 2nd quarter valued at about $28,000. Instrumental Wealth LLC acquired a new position in shares of D-Wave Quantum during the 1st quarter worth approximately $60,000. Carroll Investors Inc lifted its position in shares of D-Wave Quantum by 44.7% in the first quarter. Carroll Investors Inc now owns 30,485 shares of the company's stock valued at $62,000 after acquiring an additional 9,415 shares in the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $45,000. Institutional investors and hedge funds own 42.47% of the company's stock.

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.