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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been assigned an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $36.80.

A number of research analysts have recently weighed in on the company. Mizuho increased their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, June 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 target price on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Stifel Nicolaus set a $35.00 target price on D-Wave Quantum in a research report on Tuesday, June 2nd. Weiss Ratings upgraded D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Finally, Northland Securities started coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They issued a “market perform” rating and a $22.00 price target on the stock.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares in the company, valued at $520,603.30. The trade was a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the sale, the chief executive officer directly owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,360,772 shares of company stock worth $35,737,111. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC grew its position in D-Wave Quantum by 9.2% during the second quarter. CoreCap Advisors LLC now owns 6,115 shares of the company’s stock valued at $147,000 after buying an additional 515 shares during the period. Sigma Planning Corp raised its position in shares of D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after acquiring an additional 560 shares during the period. AlphaStar Capital Management LLC raised its position in shares of D-Wave Quantum by 2.2% in the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after acquiring an additional 592 shares during the period. Thoroughbred Financial Services LLC boosted its stake in shares of D-Wave Quantum by 0.5% during the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock worth $3,447,000 after acquiring an additional 602 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of D-Wave Quantum by 0.7% during the 4th quarter. Arizona State Retirement System now owns 92,037 shares of the company’s stock worth $2,407,000 after acquiring an additional 613 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Price Performance

Shares of QBTS opened at $16.77 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The company’s fifty day moving average price is $23.50 and its 200-day moving average price is $21.60. D-Wave Quantum has a 1-year low of $12.75 and a 1-year high of $46.75. The firm has a market capitalization of $6.20 billion, a PE ratio of -14.84 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The company had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same quarter last year, the business posted ($0.02) EPS. The firm’s quarterly revenue was down 80.9% on a year-over-year basis. On average, equities research analysts predict that D-Wave Quantum will post -0.42 EPS for the current year.

D-Wave Quantum Company Profile

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.