D-Wave Quantum Inc. (NYSE:QBTS) Receives Consensus Rating of “Buy” from Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been assigned a consensus recommendation of “Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $2.54.

A number of analysts have weighed in on the stock. B. Riley began coverage on shares of D-Wave Quantum in a report on Thursday, July 25th. They set a “buy” rating and a $3.00 price objective on the stock. Benchmark decreased their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Roth Mkm dropped their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Needham & Company LLC reduced their target price on D-Wave Quantum from $2.50 to $2.25 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Westpark Capital restated a “buy” rating and set a $3.00 price target on shares of D-Wave Quantum in a research note on Friday, August 9th.

D-Wave Quantum Price Performance

QBTS opened at $0.99 on Friday. The business has a fifty day moving average price of $0.99 and a 200 day moving average price of $1.32. D-Wave Quantum has a 12 month low of $0.57 and a 12 month high of $2.44. The stock has a market capitalization of $169.93 million, a price-to-earnings ratio of -1.87 and a beta of 0.98.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). The firm had revenue of $2.18 million for the quarter, compared to analyst estimates of $2.88 million. On average, research analysts anticipate that D-Wave Quantum will post -0.4 earnings per share for the current year.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently bought and sold shares of the company. Baader Bank Aktiengesellschaft acquired a new position in D-Wave Quantum during the second quarter worth about $28,000. Laidlaw Wealth Management LLC raised its position in shares of D-Wave Quantum by 143.3% during the 4th quarter. Laidlaw Wealth Management LLC now owns 35,224 shares of the company’s stock worth $31,000 after purchasing an additional 20,744 shares during the last quarter. Delta Investment Management LLC acquired a new position in shares of D-Wave Quantum during the 1st quarter worth approximately $36,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the 2nd quarter valued at approximately $45,000. Finally, Instrumental Wealth LLC acquired a new stake in D-Wave Quantum during the 1st quarter valued at $60,000. 42.47% of the stock is owned by hedge funds and other 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.