D-Wave Quantum (NASDAQ:QBTS) Stock Price Target Lowered at Canaccord Genuity Group

D-Wave Quantum (NASDAQ:QBTS) had its price objective dropped by Canaccord Genuity Group from $35.00 to $31.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target would suggest a potential upside of 192.29% from the company’s current price.

A number of other research firms also recently commented on QBTS. Wedbush assumed coverage on D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. Roth Capital reissued a “buy” rating and issued a $30.00 target price on shares of D-Wave Quantum in a report on Thursday, August 6th. Mizuho set a $23.00 target price on shares of D-Wave Quantum in a research report on Tuesday. BMO Capital Markets initiated coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They set an “outperform” rating and a $35.00 price target for the company. Finally, Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 28th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.71.

D-Wave Quantum Stock Performance

Shares of D-Wave Quantum stock traded up $0.13 during trading on Wednesday, reaching $10.61. The company’s stock had a trading volume of 9,348,724 shares, compared to its average volume of 25,385,053. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $14.34 and its 200-day moving average price is $18.76. D-Wave Quantum has a 52 week low of $8.48 and a 52 week high of $32.39. The firm has a market cap of $3.92 billion, a PE ratio of -14.92 and a beta of 2.35.

D-Wave Quantum (NASDAQ:QBTS) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.03). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%. The business had revenue of $4.51 million during the quarter, compared to analyst estimates of $4.37 million. During the same quarter last year, the firm earned ($0.41) EPS. Equities analysts forecast that D-Wave Quantum will post -0.50 earnings per share for the current year.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC raised its position in D-Wave Quantum by 39.7% during the 3rd quarter. Private Advisor Group LLC now owns 67,706 shares of the company’s stock worth $1,122,000 after purchasing an additional 19,252 shares during the last quarter. Voya Investment Management LLC grew its position in shares of D-Wave Quantum by 7.0% in the 3rd quarter. Voya Investment Management LLC now owns 1,161,501 shares of the company’s stock valued at $19,246,000 after buying an additional 76,350 shares during the last quarter. Bogart Wealth LLC grew its position in shares of D-Wave Quantum by 36.5% in the 3rd quarter. Bogart Wealth LLC now owns 4,065 shares of the company’s stock valued at $67,000 after buying an additional 1,086 shares during the last quarter. Cibc World Market Inc. increased its stake in shares of D-Wave Quantum by 28.5% in the third quarter. Cibc World Market Inc. now owns 78,228 shares of the company’s stock valued at $1,296,000 after buying an additional 17,339 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at about $340,000. 42.47% of the stock is owned by institutional investors.

Latest D-Wave Quantum News

These are some of the QBTS news items that stood out recently:

• Positive Sentiment: Several analysts retained Buy ratings despite trimming price targets: Needham cut its target to $20, Stifel to $23 and Rosenblatt to $30. The continued positive ratings may help support sentiment, though the reductions reflect more cautious expectations. Needham price-target update
• Neutral Sentiment: Quantum-computing shares diverged Wednesday after earnings, with D-Wave initially recovering while rival Rigetti fell. This points to company-specific reactions rather than a uniform sector rebound. D-Wave stock rises, Rigetti shares fall
• Negative Sentiment: The quarterly results also showed near-term commercial and profitability concerns: bookings fell about 19% year over year to $1.9 million, the loss was $48.2 million, and operating expenses increased. The earnings-per-share loss exceeded analyst expectations, helping explain the prior selloff despite the revenue beat. D-Wave stock sinks as Q3 results expose cash burn

About D-Wave Quantum

D-Wave Quantum develops quantum computing systems, software and services for commercial, government and research users. The company focuses on quantum annealing, an approach designed to help solve complex optimization and sampling problems, and offers hybrid tools that combine quantum processing with classical computing. Its offerings include Advantage quantum computers, the Leap quantum cloud service, and software for building and running applications. D-Wave’s technology is used to explore challenges such as scheduling, resource allocation and supply-chain optimization.