Shares of D-Wave Quantum Inc. (NASDAQ:QBTS – Get Free Report) have received an average recommendation of “Moderate Buy” from the sixteen research firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and thirteen have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $36.27.
A number of research firms have weighed in on QBTS. Mizuho boosted their target price on shares of D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, June 15th. BMO Capital Markets initiated coverage on shares of D-Wave Quantum in a research note on Thursday, August 20th. They set an “outperform” rating and a $35.00 price target for the company. Benchmark started coverage on shares of D-Wave Quantum in a report on Monday, July 27th. They set a “buy” rating and a $30.00 price target on the stock. Canaccord Genuity Group set a $35.00 price objective on shares of D-Wave Quantum in a research note on Thursday, August 6th. Finally, Wedbush started coverage on D-Wave Quantum in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective for the company.
Get Our Latest Analysis on D-Wave Quantum
D-Wave Quantum Stock Performance
D-Wave Quantum (NASDAQ:QBTS – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business’s quarterly revenue was down 0.6 compared to the same quarter last year. During the same period in the prior year, the company earned ($0.08) EPS. Equities research analysts forecast that D-Wave Quantum will post -0.46 EPS for the current year.
Insider Activity at D-Wave Quantum
In other D-Wave Quantum news, VP Sophie Ames sold 3,070 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $16.95, for a total value of $52,036.50. Following the sale, the vice president owned 589,009 shares in the company, valued at approximately $9,983,702.55. The trade was a 0.52% decrease in their position. 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. Company insiders own 1.30% 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 the stock. BlackRock Inc. bought a new position in D-Wave Quantum in the second quarter worth approximately $795,206,000. Bank of America Corp DE bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $104,183,000. Clear Street Group Inc. raised its position in shares of D-Wave Quantum by 40.4% during the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after purchasing an additional 1,232,106 shares during the period. Goldman Sachs Group Inc. raised its position in shares of D-Wave Quantum by 311.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after purchasing an additional 2,685,980 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of D-Wave Quantum by 52.6% in the 2nd quarter. Van ECK Associates Corp now owns 2,339,788 shares of the company’s stock worth $56,132,000 after purchasing an additional 806,835 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.
D-Wave Quantum Company Profile
D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.
Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.
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