Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $8.42

D-Wave Quantum Inc. (NYSE:QBTS) has been given a consensus recommendation of “Buy” by the six brokerages that are presently covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $8.42.

A number of analysts recently issued reports on the company. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Wednesday. Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th.

D-Wave Quantum Stock Down 12.2 %

D-Wave Quantum stock opened at $6.29 on Tuesday. The company’s 50-day moving average price is $6.74 and its 200-day moving average price is $4.67. The company has a market cap of $1.83 billion, a PE ratio of -14.98 and a beta of 0.88. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.95.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. As a group, sell-side analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock worth $46,758,181 in the last 90 days. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently modified their holdings of the company. State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Barclays PLC lifted its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. Geode Capital Management LLC grew its holdings in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the last quarter. Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $820,000. Finally, Sovereign Financial Group Inc. purchased a new position in D-Wave Quantum in the 4th quarter worth $179,000. 42.47% of the stock is currently owned by 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.