D-Wave Quantum (NYSE:QBTS) Receives “Buy” Rating from Benchmark

Benchmark reissued their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a report issued on Monday morning,Benzinga reports. The brokerage currently has a $20.00 target price on the stock.

Several other research firms also recently commented on QBTS. Williams Trading set a $20.00 price objective on D-Wave Quantum in a research note on Wednesday, June 18th. B. Riley increased their target price on D-Wave Quantum from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. Needham & Company LLC increased their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Roth Capital reiterated a “buy” rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Cantor Fitzgerald started coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $20.00 target price for the company. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average target price of $16.70.

D-Wave Quantum Price Performance

NYSE QBTS opened at $17.21 on Monday. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $20.56. The firm has a market capitalization of $5.03 billion, a P/E ratio of -28.68 and a beta of 1.41. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $16.66 and a 200-day moving average price of $10.85.

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 the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. Equities research analysts anticipate that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the completion of the sale, the director directly owned 44,295 shares of the company’s stock, valued at $726,438. The trade was a 25.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rohit Ghai sold 43,517 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the transaction, the director directly owned 57,778 shares of the company’s stock, valued at approximately $970,670.40. The trade was a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock worth $27,872,091 over the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. grew its stake in D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock valued at $85,766,000 after purchasing an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after purchasing an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its stake 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 valued at $35,171,000 after purchasing an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC grew its stake in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after purchasing an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other 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.