D-Wave Quantum (NYSE:QBTS) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a $48.00 price objective on the stock.

A number of other equities analysts have also commented on QBTS. Canaccord Genuity Group raised their price objective on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Evercore ISI began coverage on shares of D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price on the stock. Mizuho initiated coverage on shares of D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 price target for the company. Williams Trading set a $35.00 price objective on D-Wave Quantum in a research report on Monday, November 10th. Finally, Benchmark lifted their price objective on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.86.

D-Wave Quantum Price Performance

D-Wave Quantum stock opened at $27.38 on Thursday. The firm has a market capitalization of $9.59 billion, a P/E ratio of -20.28 and a beta of 1.57. D-Wave Quantum has a one year low of $4.45 and a one year high of $46.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The business has a fifty day moving average price of $26.25 and a 200-day moving average price of $24.34.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. The company’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 9,179 shares of the stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $257,562.74. Following the transaction, the chief financial officer directly owned 1,462,133 shares in the company, valued at approximately $41,027,451.98. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director directly owned 37,778 shares in the company, valued at approximately $917,249.84. This represents a 20.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 2,346,916 shares of company stock valued at $65,591,314. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Baird Financial Group Inc. lifted its holdings in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after purchasing an additional 60,668 shares during the last quarter. AQR Capital Management LLC raised its position in D-Wave Quantum by 201.0% in the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after purchasing an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 purchasing an additional 52,437 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake 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 purchasing an additional 24,382 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.