Zacks Research Upgrades D-Wave Quantum (NYSE:QBTS) to “Hold”

D-Wave Quantum (NYSE:QBTS) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

QBTS has been the topic of several other reports. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Benchmark reiterated a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a research note on Friday, January 23rd. Needham & Company LLC lowered their price objective on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Roth Mkm cut their target price on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Finally, TD Cowen initiated coverage on D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating on the stock. Fourteen 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $35.53.

D-Wave Quantum Stock Performance

NYSE QBTS traded up $1.44 on Tuesday, reaching $19.71. The stock had a trading volume of 15,102,368 shares, compared to its average volume of 29,632,289. The stock has a market cap of $7.29 billion, a P/E ratio of -17.88 and a beta of 1.78. D-Wave Quantum has a 12-month low of $6.82 and a 12-month high of $46.75. The business’s 50-day moving average price is $17.42 and its 200 day moving average price is $23.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business had revenue of $2.75 million for the quarter, compared to analyst estimates of $3.74 million. The company’s quarterly revenue was up 21.7% on a year-over-year basis. As a group, equities analysts expect that D-Wave Quantum will post -0.44 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the sale, the director owned 27,778 shares in the company, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sophie C. Ames sold 3,070 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $21.35, for a total transaction of $65,544.50. Following the completion of the transaction, the vice president directly owned 643,678 shares of the company’s stock, valued at approximately $13,742,525.30. This represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 31,776 shares of company stock valued at $574,571 over the last three months. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. UNICOM Systems Inc. grew its holdings in shares of D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after purchasing an additional 337,838 shares during the period. Csenge Advisory Group raised its position in D-Wave Quantum by 99.1% in the third quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock valued at $887,000 after purchasing an additional 17,860 shares during the period. Mutual Advisors LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth about $1,069,000. Federated Hermes Inc. raised its holdings in shares of D-Wave Quantum by 259,560.6% during the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock valued at $4,556,000 after buying an additional 184,288 shares during the period. Finally, McGuire Investment Group LLC grew its position in D-Wave Quantum by 7.9% in the third quarter. McGuire Investment Group LLC now owns 395,778 shares of the company’s stock valued at $9,780,000 after acquiring an additional 28,968 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.