D-Wave Quantum (NYSE:QBTS) Given Buy Rating at Westpark Capital

Westpark Capital restated their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research note released on Friday morning, Marketbeat Ratings reports. The firm currently has a $3.00 price objective on the stock.

A number of other analysts have also issued reports on QBTS. Needham & Company LLC restated a buy rating and set a $2.50 price target on shares of D-Wave Quantum in a research note on Tuesday, May 14th. B. Riley began coverage on D-Wave Quantum in a report on Thursday, July 25th. They issued a buy rating and a $3.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $2.68.

D-Wave Quantum Price Performance

NYSE QBTS opened at $0.88 on Friday. The stock has a market capitalization of $150.92 million, a P/E ratio of -1.66 and a beta of 0.98. The firm’s 50-day moving average is $1.09 and its two-hundred day moving average is $1.40. D-Wave Quantum has a 12 month low of $0.57 and a 12 month high of $2.44.

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

Insider Buying and Selling

In other D-Wave Quantum news, Director Emil Michael sold 25,675 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $1.35, for a total value of $34,661.25. Following the sale, the director now owns 937,048 shares of the company’s stock, valued at approximately $1,265,014.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the company. CIBC Private Wealth Group LLC grew its stake in shares of 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 in the last quarter. Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum during the second quarter worth approximately $251,000. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after purchasing an additional 162,688 shares in the last quarter. XTX Topco Ltd acquired a new stake in D-Wave Quantum during the second quarter worth approximately $163,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $76,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Company Profile

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.