D-Wave Quantum (NYSE:QBTS) Price Target Raised to $33.00

D-Wave Quantum (NYSE:QBTS) had its price objective increased by B. Riley from $22.00 to $33.00 in a research report sent to investors on Monday morning, MarketBeat Ratings reports. B. Riley currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Rosenblatt Securities assumed coverage on shares of D-Wave Quantum in a research note on Tuesday, July 29th. They set a “buy” rating and a $30.00 price target on the stock. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Eleven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $20.27.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $27.66 on Monday. D-Wave Quantum has a 12-month low of $0.87 and a 12-month high of $29.18. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of -26.35 and a beta of 1.39. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The firm’s fifty day moving average price is $18.04 and its 200 day moving average price is $13.86.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. The firm’s revenue for the quarter was up 40.9% on a year-over-year basis. On average, research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares of the company’s stock, valued at approximately $650,769.35. The trade was a 18.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,558,753 shares of the company’s stock, valued at $28,057,554. This trade represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 168,000 shares of company stock valued at $2,937,740. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock valued at $85,766,000 after buying an additional 4,166,721 shares during the period. State Street Corp boosted its holdings in shares of D-Wave Quantum by 41.3% in the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after buying an additional 1,941,762 shares during the period. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 41.6% in the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock valued at $93,877,000 after buying an additional 1,883,109 shares during the period. Marex Group plc acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $80,070,000. Finally, Penserra Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after buying an additional 2,253,741 shares during the period. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.