Rosenblatt Securities Boosts D-Wave Quantum (NYSE:QBTS) Price Target to $40.00

D-Wave Quantum (NYSE:QBTS) had its target price raised by equities research analysts at Rosenblatt Securities from $30.00 to $40.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price objective points to a potential upside of 46.40% from the company’s previous close.

A number of other research analysts have also weighed in on QBTS. Cantor Fitzgerald raised their target price on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday. Piper Sandler lifted their price target on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. B. Riley lifted their price target on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Wall Street Zen lowered D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Finally, Needham & Company LLC restated a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.42.

D-Wave Quantum Stock Down 3.8%

QBTS stock traded down $1.07 on Friday, reaching $27.32. 24,341,225 shares of the company traded hands, compared to its average volume of 64,253,320. The firm has a fifty day simple moving average of $27.82 and a 200-day simple moving average of $19.40. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The company has a market cap of $9.34 billion, a P/E ratio of -25.86 and a beta of 1.53. D-Wave Quantum has a one year low of $1.39 and a one year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. The firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The company’s quarterly revenue was up 105.6% compared to the same quarter last year. Research analysts anticipate that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, CFO John M. Markovich sold 100,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the transaction, the chief financial officer owned 1,558,753 shares in the company, valued at $28,057,554. This trade represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Alan E. Baratz sold 31,369 shares of the business’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $43.74, for a total transaction of $1,372,080.06. Following the transaction, the chief executive officer owned 2,801,265 shares in the company, valued at approximately $122,527,331.10. The trade was a 1.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 207,363 shares of company stock worth $4,659,478. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the company. Reyes Financial Architecture Inc. bought a new position in shares of D-Wave Quantum in the second quarter valued at approximately $29,000. Atlantic Union Bankshares Corp bought a new stake in D-Wave Quantum during the second quarter valued at $29,000. Financial Consulate Inc. purchased a new position in shares of D-Wave Quantum during the third quarter worth about $31,000. Parallel Advisors LLC lifted its holdings in shares of D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after acquiring an additional 1,532 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth about $37,000. 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.