Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) Target Price at $37.86

D-Wave Quantum Inc. (NYSE:QBTS) has been given an average recommendation of “Moderate Buy” by the fifteen analysts that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and thirteen have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $38.2143.

Several research analysts have issued reports on the company. Jefferies Financial Group started coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They set a “buy” rating and a $45.00 target price for the company. Williams Trading set a $35.00 price target on D-Wave Quantum in a research note on Monday, November 10th. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Wedbush began coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price for the company. Finally, Rosenblatt Securities restated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Wednesday.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $21.21 on Monday. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of -15.71 and a beta of 1.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The stock has a 50 day moving average price of $26.44 and a 200-day moving average price of $24.67. D-Wave Quantum has a one year low of $4.45 and a one year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company had revenue of $3.74 million during the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum’s revenue was up 105.6% compared to the same quarter last year. Equities analysts expect that D-Wave Quantum will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the transaction, the chief financial officer directly owned 1,482,874 shares of the company’s stock, valued at approximately $34,017,129.56. This trade represents a 11.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the completion of the transaction, the director directly owned 37,778 shares in the company, valued at approximately $917,249.84. This trade represents a 20.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,346,916 shares of company stock worth $65,591,314 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after purchasing an additional 11,218,255 shares during the period. UBS Group AG lifted its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares during the period. Marex Group plc purchased a new stake in shares of D-Wave Quantum in the second quarter worth about $80,070,000. Arrowstreet Capital Limited Partnership acquired a new stake in D-Wave Quantum during the second quarter worth about $45,372,000. Finally, Clear Street Group Inc. purchased a new position in D-Wave Quantum during the third quarter valued at approximately $75,344,000. 42.47% of the stock is currently owned by institutional investors.

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.