D-Wave Quantum (NYSE:QBTS) Price Target Raised to $40.00 at Rosenblatt Securities

D-Wave Quantum (NYSE:QBTS) had its price target hoisted by Rosenblatt Securities from $30.00 to $40.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently weighed in on QBTS. Cantor Fitzgerald lifted their price objective on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of D-Wave Quantum in a report on Tuesday, October 14th. Zacks Research downgraded D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Piper Sandler increased their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Finally, Benchmark reaffirmed a “buy” rating and set a $20.00 target price on shares of D-Wave Quantum in a research note on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

D-Wave Quantum Stock Performance

Shares of NYSE QBTS traded up $1.17 during mid-day trading on Friday, hitting $29.56. The company had a trading volume of 50,445,076 shares, compared to its average volume of 58,118,144. D-Wave Quantum has a 12 month low of $1.39 and a 12 month high of $46.75. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of -21.89 and a beta of 1.53. 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 firm’s 50 day simple moving average is $28.10 and its two-hundred day simple moving average is $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 the consensus estimate of ($0.07) by $0.02. The firm had revenue of $3.74 million for 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%.D-Wave Quantum’s quarterly revenue was up 105.6% compared to the same quarter last year. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

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

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Financial Consulate Inc. bought a new position in shares of D-Wave Quantum during the 3rd quarter valued at about $31,000. GAMMA Investing LLC lifted its stake in D-Wave Quantum by 34.6% during the third 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 last quarter. Reyes Financial Architecture Inc. bought a new stake in D-Wave Quantum during the second quarter worth approximately $29,000. Atlantic Union Bankshares Corp acquired a new position in D-Wave Quantum in the second quarter worth approximately $29,000. Finally, Nvwm LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at $52,000. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

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.