D-Wave Quantum (NYSE:QBTS) Price Target Raised to $20.00 at Benchmark

D-Wave Quantum (NYSE:QBTS) had its target price increased by Benchmark from $14.00 to $20.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently commented on QBTS. B. Riley increased their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a research report on Friday. Finally, Needham & Company LLC raised their price target 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. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and a consensus price target of $11.17.

D-Wave Quantum Trading Down 2.9%

Shares of NYSE:QBTS opened at $15.54 on Tuesday. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of -25.91 and a beta of 1.49. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $19.77. The company’s fifty day simple moving average is $11.90 and its 200 day simple moving average is $8.45. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company had revenue of $15.00 million during the quarter, compared to analysts’ expectations of $10.50 million. As a group, research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Roger Biscay sold 15,675 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total value of $259,891.50. Following the transaction, the director now directly owns 203,147 shares in the company, valued at $3,368,177.26. The trade was a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kirstjen Nielsen sold 58,644 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.21, for a total transaction of $950,619.24. Following the sale, the director now owns 132,673 shares of the company’s stock, valued at approximately $2,150,629.33. This represents a 30.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,636,796 shares of company stock valued at $27,872,091 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently bought and sold shares of QBTS. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after purchasing an additional 4,166,721 shares during the period. Penserra Capital Management LLC grew its holdings in D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after buying an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. increased its position in D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock worth $35,171,000 after buying an additional 2,216,000 shares during the period. Geode Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after buying an additional 418,468 shares in the last quarter. Finally, Bank of America Corp DE boosted 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 acquiring an additional 2,497,263 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.