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

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

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

Insider Transactions at D-Wave Quantum

In other news, Director Roger Biscay sold 15,675 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total transaction of $259,891.50. Following the transaction, the director now directly owns 203,147 shares in the company, valued at approximately $3,368,177.26. This represents a 7.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the transaction, the chief financial officer now owns 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,358,009 shares of company stock worth $23,282,578. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the business. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. lifted its holdings in D-Wave Quantum by 133.9% in the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after buying an additional 3,165 shares during the period. Signaturefd LLC lifted its holdings in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after buying an additional 2,971 shares during the period. Finally, Amalgamated Bank lifted its holdings in D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock valued at $48,000 after buying an additional 3,266 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Stock Down 4.8%

NYSE QBTS opened at $15.12 on Friday. The stock has a market cap of $4.42 billion, a P/E ratio of -36.00 and a beta of 1.49. The company’s 50-day simple moving average is $11.54 and its 200 day simple moving average is $8.27. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $19.77.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates 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. Research analysts anticipate that D-Wave Quantum will post -0.41 earnings per share for the current 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.