D-Wave Quantum (NYSE:QBTS) Now Covered by Analysts at Wedbush

Wedbush initiated coverage on shares of D-Wave Quantum (NYSE:QBTS) in a report published on Wednesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $35.00 price objective on the stock.

Other research analysts also recently issued reports about the company. Williams Trading set a $35.00 target price on D-Wave Quantum in a research note on Monday, November 10th. Mizuho started coverage on D-Wave Quantum in a report on Thursday, December 11th. They issued an “outperform” rating and a $46.00 price target for the company. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Canaccord Genuity Group lifted their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Finally, Jefferies Financial Group started coverage on shares of D-Wave Quantum in a research report on Tuesday. They set a “buy” rating and a $45.00 target price on the stock. Fifteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Moderate Buy” and a consensus target price of $32.13.

D-Wave Quantum Stock Down 6.7%

Shares of D-Wave Quantum stock 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 company has a market cap of $8.34 billion, a P/E ratio of -17.64 and a beta of 1.57. The firm’s 50 day moving average price is $28.97 and its 200-day moving average price is $22.20. D-Wave Quantum has a 52-week low of $3.74 and a 52-week high of $46.75.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results 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. 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 the consensus estimate of $3.03 million. D-Wave Quantum’s revenue for the quarter was up 105.6% on a year-over-year basis. On average, sell-side analysts predict that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the sale, the director directly owned 37,778 shares of the company’s stock, valued at $917,249.84. This represents a 20.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 806,288 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the completion of the sale, the chief executive officer owned 2,801,265 shares in the company, valued at $80,872,520.55. The trade was a 22.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,448,375 shares of company stock worth $39,155,482 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG lifted its holdings in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the period. Marex Group plc purchased a new stake in D-Wave Quantum in the 2nd quarter worth approximately $80,070,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $45,372,000. Finally, Clear Street Group Inc. purchased a new position in shares of D-Wave Quantum during the 3rd quarter valued at approximately $75,344,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.