Rosenblatt Securities Reiterates “Buy” Rating for D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a note issued to investors on Wednesday,Benzinga reports. They currently have a $43.00 target price on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 103.25% from the company’s previous close.

A number of other research analysts also recently commented on QBTS. Needham & Company LLC restated a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday. Roth Mkm cut their target price on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Weiss Ratings lowered shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Mizuho cut their price objective on shares of D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $40.00 target price on shares of D-Wave Quantum in a research note on Wednesday. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.67.

D-Wave Quantum Stock Down 5.3%

NYSE QBTS traded down $1.19 during mid-day trading on Wednesday, reaching $21.16. 6,692,724 shares of the company’s stock traded hands, compared to its average volume of 29,485,992. The company has a market cap of $7.83 billion, a price-to-earnings ratio of -19.27 and a beta of 1.95. The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $17.90 and a 200-day simple moving average of $22.80. D-Wave Quantum has a 1-year low of $10.60 and a 1-year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business’s revenue was down 80.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.02) EPS. As a group, equities research analysts expect that D-Wave Quantum will post -0.44 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director directly owned 19,803 shares in the company, valued at $356,652.03. This trade represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total value of $188,746.78. Following the completion of the sale, the chief financial officer owned 1,451,427 shares in the company, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,776 shares of company stock worth $574,571 over the last ninety days. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft bought a new position in D-Wave Quantum in the first quarter worth approximately $356,000. Florida Financial Advisors LLC boosted its holdings in D-Wave Quantum by 16.0% in the first quarter. Florida Financial Advisors LLC now owns 35,704 shares of the company’s stock worth $515,000 after acquiring an additional 4,927 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of D-Wave Quantum by 289.4% during the first quarter. Dimensional Fund Advisors LP now owns 143,064 shares of the company’s stock valued at $2,064,000 after acquiring an additional 106,324 shares in the last quarter. Parallel Advisors LLC boosted its stake in D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after purchasing an additional 1,511 shares in the last quarter. Finally, Swiss National Bank grew its position in D-Wave Quantum by 2.8% during the 1st quarter. Swiss National Bank now owns 686,300 shares of the company’s stock worth $9,903,000 after purchasing an additional 18,600 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

Trending Headlines about D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: Needham & Company reaffirmed its Buy rating on D-Wave Quantum and raised its price target to $40, implying substantial upside from current levels. Needham & Company reaffirms Buy on D-Wave Quantum
• Positive Sentiment: D-Wave reported a smaller-than-expected quarterly loss of $0.05 per share versus estimates for a $0.08 loss, while bookings surged nearly 2,000%, highlighting strong customer demand. D-Wave earnings: revenue falls, bookings surge
• Neutral Sentiment: Mizuho lowered its price target on D-Wave Quantum from $31 to $29 but kept an Outperform rating, suggesting the firm still sees upside even after trimming expectations. Mizuho lowers target on D-Wave Quantum
• Neutral Sentiment: The company also issued a correction to its quarterly outstanding share disclosure, which looks more like a filing cleanup than a major business development. D-Wave corrects quarterly outstanding share disclosure
• Negative Sentiment: Investors remain focused on the big revenue miss: quarterly revenue came in at $2.86 million versus estimates of $4.19 million, and revenue fell sharply year over year. D-Wave earnings report
• Negative Sentiment: The company’s sales decline and continued losses are reminding traders that commercialization is still uneven, which is weighing on sentiment despite the strong bookings headline. Barrons article on D-Wave earnings

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.