D-Wave Quantum (NYSE:QBTS) Price Target Raised to $41.00 at Canaccord Genuity Group

D-Wave Quantum (NYSE:QBTS) had its price objective hoisted by Canaccord Genuity Group from $20.00 to $41.00 in a research note issued to investors on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

QBTS has been the topic of several other research reports. Piper Sandler raised their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of D-Wave Quantum in a report on Tuesday, October 14th. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Benchmark reiterated a “buy” rating and set a $20.00 price objective on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Cantor Fitzgerald increased their target price on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.17.

D-Wave Quantum Stock Performance

Shares of NYSE:QBTS traded up $1.17 during midday trading on Friday, reaching $29.56. 50,445,076 shares of the company’s stock traded hands, compared to its average volume of 58,118,144. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. D-Wave Quantum has a one year low of $1.39 and a one year high of $46.75. The company has a market cap of $10.11 billion, a price-to-earnings ratio of -21.89 and a beta of 1.53. The stock has a 50 day moving average of $28.10 and a 200 day moving average of $19.56.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $3.74 million during the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum had a negative return on equity of 124.07% and a negative net margin of 1,651.81%.The business’s revenue for the quarter was up 105.6% on a year-over-year basis. As a group, equities research analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the sale, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction that occurred 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 transaction, the director directly owned 36,295 shares in the company, valued at $650,769.35. This represents a 18.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 207,363 shares of company stock worth $4,659,478 over the last ninety days. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares during the period. Marex Group plc purchased a new position in shares of D-Wave Quantum in the second quarter valued at about $80,070,000. Arrowstreet Capital Limited Partnership bought a new position in shares of D-Wave Quantum in the second quarter worth about $45,372,000. UNICOM Systems Inc. grew its position in shares of D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock worth $35,171,000 after purchasing an additional 2,216,000 shares in the last quarter. Finally, State Street Corp raised its stake in D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after purchasing an additional 1,941,762 shares during the period. 42.47% of the stock is currently owned by institutional investors.

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.