D-Wave Quantum (NYSE:QBTS) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $8.50 price objective on the stock.

Other research analysts have also issued reports about the stock. B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $6.29 on Wednesday. D-Wave Quantum has a fifty-two week low of $0.75 and a fifty-two week high of $11.95. The company has a market capitalization of $1.83 billion, a PE ratio of -14.98 and a beta of 1.12. The stock has a fifty day moving average of $6.74 and a two-hundred day moving average of $4.64.

D-Wave Quantum (NYSE:QBTS) last announced 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 during the quarter, compared to analyst estimates of $2.23 million. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock worth $46,758,181 over the last ninety days. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter worth about $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the fourth quarter worth about $67,000. Kingsview Wealth Management LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. raised its stake in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors 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.