D-Wave Quantum (NYSE:QBTS) Given Buy Rating at Benchmark

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reissued by analysts at Benchmark in a note issued to investors on Friday,Benzinga reports. They currently have a $35.00 price objective on the stock. Benchmark’s price target indicates a potential upside of 35.37% from the stock’s current price.

Several other equities analysts have also recently weighed in on QBTS. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, January 7th. Canaccord Genuity Group raised their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a report on Friday, November 7th. Jefferies Financial Group initiated coverage on shares of D-Wave Quantum in a research note on Tuesday, December 16th. They set a “buy” rating and a $45.00 price target on the stock. Roth Mkm set a $40.00 price objective on shares of D-Wave Quantum in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum currently has an average rating of “Moderate Buy” and a consensus price target of $37.86.

D-Wave Quantum Price Performance

Shares of NYSE:QBTS traded down $1.57 during midday trading on Friday, reaching $25.86. 25,280,211 shares of the company were exchanged, compared to its average volume of 39,956,809. The stock has a market cap of $9.05 billion, a PE ratio of -19.15 and a beta of 1.57. The business’s fifty day moving average is $26.25 and its two-hundred day moving average is $24.34. D-Wave Quantum has a one year low of $4.45 and a one year high of $46.75. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. The business had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The business’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of the stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $982,464.78. Following the sale, the chief executive officer owned 2,598,150 shares in the company, valued at $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirstjen Nielsen sold 7,000 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total transaction of $158,340.00. Following the sale, the director directly owned 112,673 shares of the company’s stock, valued at $2,548,663.26. This represents a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,346,916 shares of company stock valued at $65,591,314 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently made changes to their positions in the company. Ancora Advisors LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth $30,000. Financial Consulate Inc. purchased a new position in shares of D-Wave Quantum in the 3rd quarter valued at approximately $31,000. Valley National Advisers Inc. boosted its stake in D-Wave Quantum by 222.2% in the 4th quarter. Valley National Advisers Inc. now owns 1,595 shares of the company’s stock worth $41,000 after purchasing an additional 1,100 shares in the last quarter. Kelleher Financial Advisors purchased a new stake in D-Wave Quantum during the 3rd quarter worth approximately $40,000. Finally, Larson Financial Group LLC increased its stake in D-Wave Quantum by 1,754.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,854 shares of the company’s stock valued at $46,000 after purchasing an additional 1,754 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.