D-Wave Quantum (NYSE:QBTS) Coverage Initiated at Wedbush

Investment analysts at Wedbush started coverage on shares of D-Wave Quantum (NYSE:QBTS) in a research report issued on Wednesday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $35.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 46.99% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Evercore ISI began coverage on D-Wave Quantum in a research note on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 price target on the stock. Cantor Fitzgerald raised their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. B. Riley lifted their price objective on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, Roth Capital set a $40.00 target price on D-Wave Quantum in a research note on Thursday, November 6th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus target price of $32.13.

D-Wave Quantum Stock Performance

QBTS opened at $23.81 on Wednesday. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The stock’s 50 day moving average price is $28.97 and its two-hundred day moving average price is $22.20. The firm has a market capitalization of $8.34 billion, a P/E ratio of -17.64 and a beta of 1.57. D-Wave Quantum has a 12-month low of $3.74 and a 12-month high of $46.75.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. The company 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 97.58% and a negative net margin of 1,651.81%.D-Wave Quantum’s quarterly revenue was up 105.6% compared to the same quarter last year. On average, equities analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $27.36, for a total transaction of $218,880.00. Following the completion of the sale, the director owned 27,803 shares in the company, valued at $760,690.08. This trade represents a 22.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the transaction, the director owned 37,778 shares in the company, valued at approximately $917,249.84. This trade represents a 20.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,448,375 shares of company stock worth $39,155,482 in the last quarter. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Reyes Financial Architecture Inc. bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $29,000. Atlantic Union Bankshares Corp bought a new stake in shares of D-Wave Quantum during the second quarter worth $29,000. Ancora Advisors LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at $30,000. Financial Consulate Inc. acquired a new position in shares of D-Wave Quantum during the third quarter valued at $31,000. Finally, Parallel Advisors LLC boosted its holdings in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after acquiring an additional 1,532 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.