D-Wave Quantum (NYSE:QBTS) Raised to “Hold” at Wall Street Zen

D-Wave Quantum (NYSE:QBTS) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

Several other equities research analysts have also recently issued reports on the stock. Benchmark reaffirmed a “buy” rating and set a $20.00 price target on shares of D-Wave Quantum in a research note on Monday, August 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of D-Wave Quantum in a research note on Tuesday, October 14th. 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. Rosenblatt Securities boosted their price target on D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday. Finally, Piper Sandler increased their price target on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $29.56 on Friday. D-Wave Quantum has a fifty-two week low of $1.39 and a fifty-two week high of $46.75. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of -21.89 and a beta of 1.53. The stock has a fifty day moving average of $28.10 and a two-hundred day moving average of $19.74. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. The business had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% 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. On average, analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 31,369 shares of the business’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total transaction of $1,372,080.06. Following the completion of the sale, the chief executive officer directly owned 2,801,265 shares of the company’s stock, valued at $122,527,331.10. The trade was a 1.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares in the company, valued at $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 207,363 shares of company stock valued at $4,659,478 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the company. Reyes Financial Architecture Inc. acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $29,000. Atlantic Union Bankshares Corp purchased a new stake in D-Wave Quantum during the second quarter worth approximately $29,000. Financial Consulate Inc. acquired a new stake in shares of D-Wave Quantum in the third quarter worth $31,000. Parallel Advisors LLC raised its stake in shares of D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after acquiring an additional 1,532 shares during the period. Finally, Gables Capital Management Inc. acquired a new position in shares of D-Wave Quantum during the 2nd quarter valued at $37,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.