D-Wave Quantum (NYSE:QBTS) Price Target Raised to $40.00

D-Wave Quantum (NYSE:QBTS) had its price target upped by Rosenblatt Securities from $30.00 to $40.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 price target on the stock. Benchmark restated a “buy” rating and issued a $20.00 target price on shares of D-Wave Quantum in a research note on Monday, August 4th. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Zacks Research lowered D-Wave Quantum from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. Finally, B. Riley raised their target price on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $27.42.

D-Wave Quantum Price Performance

NYSE QBTS traded up $0.25 during trading hours on Friday, hitting $29.75. The company had a trading volume of 29,235,471 shares, compared to its average volume of 64,215,660. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The firm has a market capitalization of $10.17 billion, a price-to-earnings ratio of -22.04 and a beta of 1.53. D-Wave Quantum has a 52 week low of $1.41 and a 52 week high of $46.75. The firm has a 50 day simple moving average of $28.10 and a 200 day simple moving average of $19.74.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm’s revenue was up 105.6% on a year-over-year basis. Equities research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Activity

In related news, CEO Alan E. Baratz sold 31,369 shares of D-Wave Quantum stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total value of $1,372,080.06. Following the transaction, the chief executive officer directly owned 2,801,265 shares of the company’s stock, valued at $122,527,331.10. The trade was a 1.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director directly owned 36,295 shares of the company’s stock, valued at $650,769.35. The trade was a 18.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 207,363 shares of company stock worth $4,659,478 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in QBTS. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after acquiring an additional 11,218,255 shares in the last quarter. Marex Group plc bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at about $80,070,000. Arrowstreet Capital Limited Partnership purchased a new stake in D-Wave Quantum in the second quarter worth about $45,372,000. UNICOM Systems Inc. boosted its position in D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock valued at $35,171,000 after acquiring an additional 2,216,000 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after acquiring an additional 1,941,762 shares during the period. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.