D-Wave Quantum (NYSE:QBTS) Earns Outperform Rating from Analysts at Wedbush

Wedbush assumed coverage on shares of D-Wave Quantum (NYSE:QBTS) in a report published on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $40.00 price target on the stock.

QBTS has been the topic of several other reports. Benchmark assumed coverage on D-Wave Quantum in a research note on Monday, July 27th. They issued a “buy” rating and a $30.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Zacks Research upgraded shares of D-Wave Quantum from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Finally, Canaccord Genuity Group decreased their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

D-Wave Quantum Stock Down 2.0%

Shares of NYSE QBTS opened at $21.39 on Monday. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. D-Wave Quantum has a 12 month low of $12.75 and a 12 month high of $46.75. The firm has a market capitalization of $7.91 billion, a PE ratio of -18.93 and a beta of 2.11. The firm has a fifty day simple moving average of $22.13 and a two-hundred day simple moving average of $20.65.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm had revenue of $2.86 million for the quarter, compared to analyst estimates of $4.19 million. During the same quarter in the previous year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was down 80.9% compared to the same quarter last year. Equities analysts expect that D-Wave Quantum will post -0.42 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the sale, the chief financial officer directly owned 1,142,820 shares in the company, valued at $29,381,902.20. This represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the sale, the director owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. The trade was a 26.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,363,842 shares of company stock worth $35,789,148. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Root Financial Partners LLC raised its holdings in D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares during the period. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum in the 4th quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its position in D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after purchasing an additional 838 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new stake in D-Wave Quantum during the fourth quarter valued at $31,000. Finally, Ancora Advisors LLC purchased a new stake in D-Wave Quantum during the third quarter valued at $30,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.