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

D-Wave Quantum Inc. (NYSE:QBTS) has received an average rating of “Buy” from the six analysts that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued a report on the stock in the last year is $10.17.

A number of equities research analysts have weighed in on QBTS shares. Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark boosted their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th.

D-Wave Quantum Trading Up 26.2%

Shares of QBTS opened at $16.59 on Wednesday. The firm has a market cap of $4.83 billion, a P/E ratio of -39.50 and a beta of 0.90. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $17.59. The company’s 50-day moving average price is $8.34 and its 200 day moving average price is $6.35.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. Equities research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Focus Partners Wealth raised its position in D-Wave Quantum by 86.5% in the first quarter. Focus Partners Wealth now owns 42,947 shares of the company’s stock worth $326,000 after acquiring an additional 19,922 shares in the last quarter. Flaharty Asset Management LLC purchased a new position in D-Wave Quantum in the first quarter worth $91,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in D-Wave Quantum in the first quarter worth $3,013,000. NewEdge Advisors LLC raised its position in D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after acquiring an additional 24,382 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after acquiring an additional 52,437 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.