D-Wave Quantum (NYSE:QBTS) Price Target Cut to $2.00 by Analysts at Roth Mkm

D-Wave Quantum (NYSE:QBTS) had its target price cut by Roth Mkm from $3.00 to $2.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently weighed in on the company. Westpark Capital reissued a buy rating and set a $3.00 price target on shares of D-Wave Quantum in a research report on Friday, August 9th. B. Riley assumed coverage on D-Wave Quantum in a research report on Thursday, July 25th. They issued a buy rating and a $3.00 target price on the stock. Benchmark decreased their target price on D-Wave Quantum from $4.00 to $3.00 and set a buy rating on the stock in a research report on Monday. Finally, Needham & Company LLC decreased their target price on D-Wave Quantum from $2.50 to $2.25 and set a buy rating on the stock in a research report on Friday, August 9th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has an average rating of Buy and an average target price of $2.54.

D-Wave Quantum Stock Up 6.9 %

Shares of NYSE QBTS opened at $0.94 on Tuesday. The business’s 50 day moving average price is $1.08 and its two-hundred day moving average price is $1.40. The company has a market cap of $161.40 million, a PE ratio of -1.78 and a beta of 0.98. D-Wave Quantum has a twelve month low of $0.57 and a twelve month high of $2.44.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). The business had revenue of $2.47 million during the quarter, compared to analysts’ expectations of $2.75 million. As a group, research analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In related news, Director Emil Michael sold 25,675 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $1.35, for a total value of $34,661.25. Following the completion of the sale, the director now directly owns 937,048 shares in the company, valued at $1,265,014.80. The sale was disclosed in a filing with the SEC, which is available at this link. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Baader Bank Aktiengesellschaft bought a new stake in D-Wave Quantum during the fourth quarter worth $76,000. Laidlaw Wealth Management LLC lifted its stake in D-Wave Quantum by 143.3% during the fourth quarter. Laidlaw Wealth Management LLC now owns 35,224 shares of the company’s stock worth $31,000 after purchasing an additional 20,744 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in D-Wave Quantum by 25.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,350,096 shares of the company’s stock worth $1,188,000 after purchasing an additional 270,096 shares during the last quarter. Delta Investment Management LLC bought a new stake in D-Wave Quantum during the first quarter worth $36,000. Finally, Vanguard Group Inc. lifted its stake in D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after purchasing an additional 162,688 shares during the last quarter. 42.47% of the stock is currently owned by 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.