D-Wave Quantum (NYSE:QBTS) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of D-Wave Quantum (NYSE:QBTS) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other equities analysts have also recently issued reports on QBTS. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Wednesday, January 28th. Roth Mkm decreased their price target on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Needham & Company LLC cut their target price on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Canaccord Genuity Group set a $43.00 target price on D-Wave Quantum in a research note on Thursday, January 29th. Finally, Northland Securities initiated coverage on D-Wave Quantum in a research note on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.53.

D-Wave Quantum Trading Up 7.1%

Shares of QBTS traded up $1.30 during trading hours on Tuesday, hitting $19.57. 14,800,993 shares of the stock traded hands, compared to its average volume of 29,620,828. The business has a fifty day moving average of $17.42 and a 200-day moving average of $23.65. The firm has a market capitalization of $7.24 billion, a PE ratio of -17.81 and a beta of 1.78. D-Wave Quantum has a 1-year low of $6.82 and a 1-year high of $46.75. The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The firm had revenue of $2.75 million during the quarter, compared to the consensus estimate of $3.74 million. D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Analysts expect that D-Wave Quantum will post -0.44 EPS for the current year.

Insiders Place Their Bets

In other news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the sale, the director owned 27,778 shares of the company’s stock, valued at $489,448.36. This trade represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the sale, the director directly owned 19,803 shares in the company, valued at approximately $356,652.03. This represents a 28.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 31,776 shares of company stock worth $574,571. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of the business. Blue Bell Private Wealth Management LLC raised its position in shares of D-Wave Quantum by 5.3% during the third quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after purchasing an additional 500 shares during the period. Huntington National Bank raised its position in D-Wave Quantum by 17.9% in the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after buying an additional 500 shares during the last quarter. Sigma Planning Corp raised its position in D-Wave Quantum by 3.6% in the 4th quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after buying an additional 560 shares during the last quarter. AlphaStar Capital Management LLC raised its position in D-Wave Quantum by 2.2% in the 4th quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock valued at $708,000 after buying an additional 592 shares during the last quarter. Finally, Noble Wealth Management PBC raised its position in D-Wave Quantum by 6.7% in the 4th quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock valued at $251,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.