D-Wave Quantum (NYSE:QBTS) Coverage Initiated at Northland Securities

Northland Securities started coverage on shares of D-Wave Quantum (NYSE:QBTS) in a note issued to investors on Monday. The brokerage set a “market perform” rating and a $22.00 price target on the stock. Northland Securities’ price objective points to a potential upside of 1.42% from the company’s previous close.

Several other equities research analysts also recently issued reports on QBTS. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a report on Friday, March 27th. Roth Mkm reduced their target price on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a research note on Thursday, January 29th. Needham & Company LLC cut their price target on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Finally, Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.53.

D-Wave Quantum Stock Performance

NYSE:QBTS opened at $21.69 on Monday. The firm has a 50-day moving average of $17.44 and a two-hundred day moving average of $24.37. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25. The stock has a market cap of $8.02 billion, a P/E ratio of -19.72 and a beta of 1.78. D-Wave Quantum has a 1-year low of $5.97 and a 1-year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $17.62, for a total value of $176,200.00. Following the completion of the transaction, the director owned 27,778 shares in the company, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director owned 19,803 shares of the company’s stock, valued at $356,652.03. This trade represents a 28.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,706 shares of company stock valued at $509,027 in the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. grew its holdings in shares of D-Wave Quantum by 125.7% during the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock valued at $3,616,000 after purchasing an additional 137,549 shares during the last quarter. UNICOM Systems Inc. raised its position in shares of D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after purchasing an additional 337,838 shares during the period. Csenge Advisory Group lifted its holdings in shares of D-Wave Quantum by 99.1% in the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after purchasing an additional 17,860 shares during the last quarter. Mutual Advisors LLC acquired a new position in D-Wave Quantum during the 3rd quarter valued at approximately $1,069,000. Finally, Federated Hermes Inc. boosted its position in D-Wave Quantum by 259,560.6% during the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock valued at $4,556,000 after purchasing an additional 184,288 shares during the period. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.