D-Wave Quantum (NYSE:QBTS) Earns Market Perform Rating from Analysts at Northland Securities

Equities researchers at Northland Securities started coverage on shares of D-Wave Quantum (NYSE:QBTS) in a research note issued on Monday. The firm set a “market perform” rating and a $22.00 price target on the stock. Northland Securities’ target price indicates a potential upside of 1.42% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Zacks Research lowered shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a report on Friday, March 6th. Roth Mkm cut their target price on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. TD Cowen assumed coverage on D-Wave Quantum in a report on Thursday, February 12th. They issued a “buy” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Friday, March 27th. Finally, Benchmark restated a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a research note on Friday, January 23rd. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and an average price target of $35.53.

D-Wave Quantum Trading Up 0.0%

NYSE QBTS opened at $21.69 on Monday. The company has a market cap of $8.02 billion, a P/E ratio of -19.72 and a beta of 1.78. D-Wave Quantum has a 12 month low of $5.97 and a 12 month high of $46.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25. The company has a 50-day moving average of $17.44 and a 200-day moving average of $24.37.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. D-Wave Quantum’s revenue was up 21.7% compared to the same quarter last year. As a group, equities analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction on Monday, March 16th. The shares were sold at an average price of $17.62, for a total transaction of $176,200.00. Following the transaction, the director owned 27,778 shares in the company, valued at approximately $489,448.36. The trade was a 26.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director owned 19,803 shares of the company’s stock, valued at approximately $356,652.03. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 28,706 shares of company stock worth $509,027. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the stock. Baird Financial Group Inc. lifted its position in D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares in the last quarter. Royal Bank of Canada grew its position in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after acquiring an additional 60,668 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of D-Wave Quantum by 201.0% during the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after purchasing an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of D-Wave Quantum by 93.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after purchasing an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after purchasing an additional 24,382 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.