D-Wave Quantum Inc. (NYSE:QBTS) Given Average Rating of “Buy” by Brokerages

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have earned an average recommendation of “Buy” from the six brokerages that are currently covering the company, Marketbeat reports. Six research analysts have rated the stock with a buy rating. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $8.42.

A number of research analysts have weighed in on the stock. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th.

D-Wave Quantum Stock Up 0.2 %

Shares of QBTS opened at $7.60 on Tuesday. The stock’s 50-day moving average price is $6.67 and its 200-day moving average price is $4.53. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -18.08 and a beta of 1.12. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.95.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. As a group, equities analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % 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 link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.