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

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $40.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 37.13% from the stock’s previous close.

Several other brokerages have also issued reports on QBTS. Canaccord Genuity Group decreased their target price on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Roth Mkm reissued a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. TD Cowen assumed coverage on D-Wave Quantum in a research report on Thursday, February 12th. They issued a “buy” rating for the company. Finally, Northland Securities assumed coverage on D-Wave Quantum in a research report on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price for the company. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.67.

D-Wave Quantum Stock Down 3.2%

Shares of NYSE:QBTS opened at $29.17 on Tuesday. D-Wave Quantum has a 52-week low of $12.75 and a 52-week high of $46.75. The firm has a market capitalization of $10.79 billion, a P/E ratio of -25.81 and a beta of 2.05. The stock has a 50 day moving average price of $19.81 and a 200-day moving average price of $22.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same quarter in the prior year, the company earned ($0.02) EPS. The business’s revenue was down 80.9% compared to the same quarter last year. As a group, equities research analysts anticipate that D-Wave Quantum will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $18.01, for a total transaction of $144,080.00. Following the completion of the transaction, the director owned 19,803 shares of the company’s stock, valued at $356,652.03. This trade represents a 28.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 328,752 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $27.70, for a total value of $9,106,430.40. Following the transaction, the chief financial officer directly owned 1,442,820 shares of the company’s stock, valued at approximately $39,966,114. This trade represents a 18.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 383,553 shares of company stock worth $10,118,016 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of QBTS. Baird Financial Group Inc. increased its holdings in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after purchasing an additional 1,300 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after purchasing an additional 60,668 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of D-Wave Quantum by 201.0% in the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after purchasing an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of D-Wave Quantum by 93.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after purchasing an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after purchasing an additional 24,382 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.