D-Wave Quantum (NASDAQ:QBTS) Given New $31.00 Price Target at Canaccord Genuity Group

D-Wave Quantum (NASDAQ:QBTS) had its target price reduced by investment analysts at Canaccord Genuity Group from $35.00 to $31.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target suggests a potential upside of 192.29% from the stock’s current price.

Several other equities research analysts have also commented on QBTS. Roth Capital restated a “buy” rating and set a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday, August 6th. Needham & Company LLC lowered their target price on D-Wave Quantum from $40.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday. Jefferies Financial Group set a $40.00 price target on D-Wave Quantum in a research note on Friday, August 7th. Wall Street Zen upgraded D-Wave Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, B. Riley Financial reduced their price objective on shares of D-Wave Quantum from $27.00 to $22.00 and set a “buy” rating for the company in a research report on Monday. Fourteen equities 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.71.

D-Wave Quantum Trading Up 1.2%

QBTS traded up $0.13 during trading on Wednesday, reaching $10.61. 9,348,724 shares of the stock traded hands, compared to its average volume of 25,385,053. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $3.92 billion, a PE ratio of -14.92 and a beta of 2.35. The stock’s 50-day moving average is $14.34 and its 200 day moving average is $18.76. D-Wave Quantum has a 12 month low of $8.48 and a 12 month high of $32.39.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Tuesday, November 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.03). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%. The business had revenue of $4.51 million during the quarter, compared to the consensus estimate of $4.37 million. During the same period last year, the business posted ($0.41) earnings per share. Equities analysts anticipate that D-Wave Quantum will post -0.50 earnings per share for the current year.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of the company. Burr Financial Services LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at $6,343,000. Allspring Global Investments Holdings LLC grew its holdings in shares of D-Wave Quantum by 319.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 98,747 shares of the company’s stock valued at $1,353,000 after buying an additional 75,198 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of D-Wave Quantum by 64.7% during the first quarter. The Manufacturers Life Insurance Company now owns 183,481 shares of the company’s stock valued at $2,648,000 after buying an additional 72,100 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of D-Wave Quantum by 289.4% during the first quarter. Dimensional Fund Advisors LP now owns 143,064 shares of the company’s stock worth $2,064,000 after acquiring an additional 106,324 shares in the last quarter. Finally, Citizens Financial Group Inc. RI bought a new stake in shares of D-Wave Quantum during the second quarter worth about $1,945,000. 42.47% of the stock is owned by institutional investors and hedge funds.

Latest D-Wave Quantum News

Investors following QBTS have been watching these news items:

• Positive Sentiment: Several analysts retained Buy ratings despite trimming price targets: Needham cut its target to $20, Stifel to $23 and Rosenblatt to $30. The continued positive ratings may help support sentiment, though the reductions reflect more cautious expectations. Needham price-target update
• Neutral Sentiment: Quantum-computing shares diverged Wednesday after earnings, with D-Wave initially recovering while rival Rigetti fell. This points to company-specific reactions rather than a uniform sector rebound. D-Wave stock rises, Rigetti shares fall
• Negative Sentiment: The quarterly results also showed near-term commercial and profitability concerns: bookings fell about 19% year over year to $1.9 million, the loss was $48.2 million, and operating expenses increased. The earnings-per-share loss exceeded analyst expectations, helping explain the prior selloff despite the revenue beat. D-Wave stock sinks as Q3 results expose cash burn

About D-Wave Quantum

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.