Canaccord Genuity Group Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS) had its price target raised by equities researchers at Canaccord Genuity Group from $20.00 to $41.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 38.72% from the stock’s previous close.

A number of other research analysts have also commented on QBTS. Stifel Nicolaus assumed coverage on D-Wave Quantum in a research note on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price objective on the stock. Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Piper Sandler upped their price objective 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 reiterated a “sell (e+)” rating on shares of D-Wave Quantum in a research note on Tuesday, October 14th. Finally, Zacks Research lowered shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.17.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $29.56 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The stock has a market capitalization of $10.11 billion, a P/E ratio of -21.89 and a beta of 1.53. The firm’s 50 day moving average is $28.10 and its 200-day moving average is $19.66. D-Wave Quantum has a 12-month low of $1.39 and a 12-month high of $46.75.

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

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 31,369 shares of the business’s stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $43.74, for a total transaction of $1,372,080.06. Following the sale, the chief executive officer directly owned 2,801,265 shares in the company, valued at approximately $122,527,331.10. The trade was a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the transaction, the director directly owned 47,778 shares of the company’s stock, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 207,363 shares of company stock worth $4,659,478 over the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares during the period. Blue Bell Private Wealth Management LLC grew its position in D-Wave Quantum by 5.3% in the third quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock valued at $245,000 after acquiring an additional 500 shares during the period. bLong Financial LLC raised its stake in D-Wave Quantum by 2.3% during the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after acquiring an additional 551 shares in the last quarter. Capital Advisory Group Advisory Services LLC lifted its holdings in shares of D-Wave Quantum by 3.0% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company’s stock valued at $325,000 after acquiring an additional 646 shares during the period. Finally, Center for Financial Planning Inc. lifted its holdings in shares of D-Wave Quantum by 23.6% during the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company’s stock valued at $53,000 after acquiring an additional 695 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.