D-Wave Quantum’s (QBTS) Buy Rating Reiterated at Benchmark

Benchmark reaffirmed their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a report published on Tuesday morning, MarketBeat reports. They currently have a $20.00 price objective on the stock, up from their prior price objective of $14.00.

QBTS has been the subject of a number of other research reports. B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC upped their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Roth Capital restated a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $13.57.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $15.74 on Tuesday. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The company has a market cap of $4.60 billion, a PE ratio of -26.23 and a beta of 1.49. The business has a 50 day moving average of $12.24 and a 200 day moving average of $8.59. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $19.77.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 845,813 shares of the company’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer now directly owns 2,866,412 shares of the company’s stock, valued at $48,729,004. This represents a 22.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the completion of the sale, the director now directly owns 57,778 shares in the company, valued at $970,670.40. This represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock valued at $27,872,091 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock valued at $85,766,000 after purchasing an additional 4,166,721 shares during the last quarter. Bank of America Corp DE grew its position in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. Penserra Capital Management LLC grew its position in D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after purchasing an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its position in D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock valued at $35,171,000 after purchasing an additional 2,216,000 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in D-Wave Quantum during the 1st quarter valued at about $8,064,000. 42.47% of the stock is owned by hedge funds and other 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.