D-Wave Quantum (NYSE:QBTS) Price Target Lowered to $2.25 at Needham & Company LLC

D-Wave Quantum (NYSE:QBTS) had its price objective reduced by Needham & Company LLC from $2.50 to $2.25 in a report issued on Friday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

QBTS has been the subject of several other reports. B. Riley began coverage on shares of D-Wave Quantum in a research report on Thursday, July 25th. They issued a buy rating and a $3.00 target price for the company. Westpark Capital reissued a buy rating and set a $3.00 target price on shares of D-Wave Quantum in a report on Friday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of Buy and an average price target of $2.68.

D-Wave Quantum Price Performance

NYSE:QBTS opened at $0.88 on Friday. The firm’s fifty day moving average price is $1.09 and its two-hundred day moving average price is $1.40. The company has a market cap of $150.92 million, a P/E ratio of -1.66 and a beta of 0.98. D-Wave Quantum has a one year low of $0.57 and a one year high of $2.44.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The company had revenue of $2.47 million for the quarter, compared to analyst estimates of $2.75 million. As a group, equities research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other news, Director Emil Michael sold 36,353 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $1.30, for a total value of $47,258.90. Following the completion of the sale, the director now owns 962,723 shares in the company, valued at $1,251,539.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the company. Delta Investment Management LLC bought a new position in shares of D-Wave Quantum in the first quarter worth $36,000. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum during the second quarter valued at about $28,000. Instrumental Wealth LLC purchased a new stake in shares of D-Wave Quantum in the first quarter worth about $60,000. Carroll Investors Inc boosted its position in shares of D-Wave Quantum by 44.7% in the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock valued at $62,000 after acquiring an additional 9,415 shares during the period. Finally, Laidlaw Wealth Management LLC grew its stake in D-Wave Quantum by 143.3% during the fourth quarter. Laidlaw Wealth Management LLC now owns 35,224 shares of the company’s stock valued at $31,000 after acquiring an additional 20,744 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

About D-Wave Quantum

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.