D-Wave Quantum Inc. (NYSE:QBTS) Given Average Rating of “Buy” by Brokerages

D-Wave Quantum Inc. (NYSE:QBTS) has earned an average rating of “Buy” from the six analysts that are presently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $8.42.

QBTS has been the subject of a number of research reports. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Wednesday, April 2nd.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at $38,000. Signaturefd LLC boosted its position in D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after acquiring an additional 2,971 shares during the last quarter. Amalgamated Bank grew its holdings in D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after acquiring an additional 3,266 shares during the period. Finally, Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum in the 4th quarter worth about $67,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Up 13.8 %

QBTS stock opened at $7.94 on Friday. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.95. The business has a 50-day simple moving average of $7.10 and a 200 day simple moving average of $5.52. The company has a market cap of $2.31 billion, a PE ratio of -18.90 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. On average, analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

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.