D-Wave Quantum (NASDAQ:QBTS) Price Target Cut to $20.00 by Analysts at StoneX

D-Wave Quantum (NASDAQ:QBTS) had its price objective trimmed by StoneX from $30.00 to $20.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the stock. Canaccord Genuity Group cut their price target on shares of D-Wave Quantum from $35.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday. Wall Street Zen upgraded D-Wave Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Benchmark began coverage on D-Wave Quantum in a report on Monday, July 27th. They issued a “buy” rating and a $30.00 price objective on the stock. Wedbush began coverage on D-Wave Quantum in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective for the company. Finally, BMO Capital Markets assumed coverage on D-Wave Quantum in a research note on Thursday, August 20th. They set an “outperform” rating and a $35.00 target price for the company. Fifteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

D-Wave Quantum Trading Up 1.6%

Shares of QBTS stock opened at $10.65 on Wednesday. D-Wave Quantum has a twelve month low of $8.48 and a twelve month high of $32.39. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of -24.77 and a beta of 2.35. The company’s 50-day moving average price is $14.22 and its 200-day moving average price is $18.68. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS) last issued its earnings results on Tuesday, November 10th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). The firm had revenue of $4.51 million for the quarter, compared to analysts’ expectations of $4.37 million. D-Wave Quantum had a negative return on equity of 15.39% and a negative net margin of 1,188.79%. During the same period last year, the firm earned ($0.41) earnings per share. As a group, equities analysts predict that D-Wave Quantum will post -0.50 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in D-Wave Quantum during the 2nd quarter worth $795,206,000. Bank of America Corp DE acquired a new position in D-Wave Quantum in the second quarter valued at $104,183,000. Van ECK Associates Corp boosted its stake in D-Wave Quantum by 52.6% in the second quarter. Van ECK Associates Corp now owns 2,339,788 shares of the company’s stock valued at $56,132,000 after acquiring an additional 806,835 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of D-Wave Quantum during the second quarter worth about $54,951,000. Finally, Wellington Management Group LLP grew its holdings in shares of D-Wave Quantum by 372.2% during the second quarter. Wellington Management Group LLP now owns 1,820,070 shares of the company’s stock worth $43,663,000 after purchasing an additional 1,434,657 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

Top D-Wave Quantum Stories

Here are a few of the latest stories about QBTS:

• Positive Sentiment: On its earnings call, D-Wave highlighted a growing system-sales pipeline and technical milestones for its annealing and gate-model platforms, bolstering its longer-term growth case. QBTS Q3 Earnings Call Highlights System Sales and Quantum Roadmap
• Neutral Sentiment: Analysts cut price targets after the results, though Canaccord, Needham, Stifel and Rosenblatt retained Buy ratings; Canaccord’s revised target is $31. Canaccord Genuity Group price target
• Negative Sentiment: Third-quarter results were mixed: revenue rose 21% to $4.51 million and beat estimates, but the $0.13-per-share loss was wider than expected. Quarterly bookings fell about 19% year over year, while operating costs and cash burn drew investor concern. D Wave Quantum Stock Price Sinks As Q3 Results Expose Cash Burn

D-Wave Quantum Company Profile

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.