D-Wave Quantum (NASDAQ:QBTS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of D-Wave Quantum (NASDAQ:QBTS) from a strong sell rating to a sell rating in a research report released on Saturday morning.

Other analysts have also recently issued reports about the company. Northland Securities started coverage on D-Wave Quantum in a research report on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price on the stock. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research report on Tuesday, June 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research note on Friday. B. Riley Financial increased their price target on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Jefferies Financial Group set a $40.00 price target on D-Wave Quantum in a report on Friday. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.36.

D-Wave Quantum Trading Down 2.7%

D-Wave Quantum stock opened at $20.19 on Friday. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $21.56 and a two-hundred day moving average price of $20.48. The firm has a market capitalization of $7.47 billion, a price-to-earnings ratio of -28.44 and a beta of 2.15. D-Wave Quantum has a 52-week low of $12.75 and a 52-week high of $46.75.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 28.19%. D-Wave Quantum’s revenue for the quarter was down 0.6 compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) EPS. Sell-side analysts expect that D-Wave Quantum will post -0.42 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the transaction, the chief executive officer directly owned 3,299,771 shares of the company’s stock, valued at approximately $86,223,016.23. This trade represents a 17.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the sale, the director directly owned 23,617 shares in the company, valued at $623,724.97. This represents a 36.40% 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 sold a total of 1,363,842 shares of company stock valued at $35,789,148 over the last three months. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. BlackRock Inc. acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $795,206,000. UBS Group AG raised its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC lifted its stake in D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after purchasing an additional 866,405 shares during the last quarter. State Street Corp lifted its stake in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after purchasing an additional 385,809 shares during the last quarter. Finally, Marex Group plc boosted its holdings in D-Wave Quantum by 74.9% during the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after buying an additional 1,966,500 shares in the last quarter. 42.47% of the stock is currently owned by 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.