Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) Target Price at $36.80

D-Wave Quantum Inc. (NYSE:QBTS) has been assigned an average rating of “Moderate Buy” from the seventeen research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and fourteen have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $36.80.

A number of research analysts have recently issued reports on QBTS shares. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Weiss Ratings raised shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Roth Mkm raised their price target on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities reissued a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Thursday, June 11th. Finally, Northland Securities assumed coverage on shares of D-Wave Quantum in a research report on Monday, April 20th. They set a “market perform” rating and a $22.00 price target on the stock.

Insider Activity at D-Wave Quantum

In related news, Director Rohit Ghai sold 13,518 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the sale, the director owned 23,617 shares in the company, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 328,752 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $27.70, for a total value of $9,106,430.40. Following the completion of the transaction, the chief financial officer owned 1,442,820 shares in the company, valued at approximately $39,966,114. The trade was a 18.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,363,842 shares of company stock valued at $35,802,656 over the last three months. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently bought and sold shares of the company. Huntington National Bank boosted its position in shares of D-Wave Quantum by 17.9% during the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after purchasing an additional 500 shares in the last quarter. Sigma Planning Corp boosted its position in shares of D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after purchasing an additional 560 shares in the last quarter. AlphaStar Capital Management LLC boosted its position in shares of D-Wave Quantum by 2.2% during the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock valued at $708,000 after purchasing an additional 592 shares in the last quarter. Noble Wealth Management PBC boosted its position in shares of D-Wave Quantum by 6.7% during the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock valued at $251,000 after purchasing an additional 600 shares in the last quarter. Finally, Thoroughbred Financial Services LLC boosted its position in shares of D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock valued at $3,447,000 after purchasing an additional 602 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 4.7%

NYSE:QBTS opened at $23.84 on Thursday. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of -21.10 and a beta of 2.05. The firm has a fifty day simple moving average of $23.51 and a two-hundred day simple moving average of $22.21. D-Wave Quantum has a 12 month low of $12.75 and a 12 month high of $46.75.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to analysts’ expectations of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.D-Wave Quantum’s quarterly revenue was down 80.9% compared to the same quarter last year. During the same period last year, the business earned ($0.02) EPS. Analysts expect that D-Wave Quantum will post -0.43 EPS for the current fiscal year.

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.