D-Wave Quantum Inc. (NYSE:QBTS) Given Consensus Rating of "Buy" by Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) have been given a consensus recommendation of "Buy" by the seven brokerages that are presently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $2.54.

A number of equities research analysts have weighed in on the stock. Westpark Capital restated a "buy" rating and issued a $3.00 price objective on shares of D-Wave Quantum in a report on Friday, August 9th. Needham & Company LLC lowered 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. Roth Mkm cut their target price on D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. B. Riley initiated coverage on D-Wave Quantum in a research report on Thursday, July 25th. They issued a "buy" rating and a $3.00 price target for the company. Finally, 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 report on Monday, August 12th.

D-Wave Quantum Stock Performance

Shares of NYSE QBTS traded down $0.02 during mid-day trading on Friday, hitting $1.04. 4,375,578 shares of the stock traded hands, compared to its average volume of 7,065,442. The company has a market cap of $209.49 million, a price-to-earnings ratio of -2.42 and a beta of 0.96. The stock has a fifty day moving average price of $1.00 and a 200-day moving average price of $1.12. 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 earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, meeting analysts' consensus estimates of ($0.10). The business had revenue of $2.18 million for the quarter, compared to the consensus estimate of $2.88 million. As a group, sell-side analysts predict that D-Wave Quantum will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently bought and sold shares of QBTS. Marshall Wace LLP purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $265,000. Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum during the second quarter valued at $251,000. Vanguard Group Inc. lifted its holdings in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock valued at $2,183,000 after acquiring an additional 162,688 shares during the period. Squarepoint Ops LLC bought a new position in D-Wave Quantum in the second quarter valued at about $163,000. Finally, XTX Topco Ltd purchased a new position in D-Wave Quantum in the second quarter worth about $163,000. 42.47% of the stock is currently owned by institutional investors.

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.