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

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus recommendation of “Buy” from the six analysts that are covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $2.83.

Several analysts have commented on QBTS shares. Craig Hallum upped their price objective on D-Wave Quantum from $1.75 to $2.50 and gave the company a “buy” rating in a research note on Monday, April 1st. Roth Mkm lifted their price target on shares of D-Wave Quantum from $2.00 to $3.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Needham & Company LLC restated a “buy” rating and issued a $2.50 price target on shares of D-Wave Quantum in a research report on Tuesday, May 14th. B. Riley started coverage on shares of D-Wave Quantum in a report on Thursday. They set a “buy” rating and a $3.00 target price for the company. Finally, Benchmark upped their price target on shares of D-Wave Quantum from $2.00 to $4.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

D-Wave Quantum Trading Down 9.2 %

QBTS stock opened at $0.98 on Thursday. The company has a market capitalization of $167.88 million, a P/E ratio of -1.85 and a beta of 0.98. The business has a 50 day simple moving average of $1.19 and a 200-day simple moving average of $1.38. D-Wave Quantum has a twelve month low of $0.57 and a twelve month high of $2.72.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The business had revenue of $2.47 million for the quarter, compared to the consensus estimate of $2.75 million. Research analysts predict that D-Wave Quantum will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Emil Michael sold 36,353 shares of D-Wave Quantum stock in a transaction on Friday, May 31st. The shares were sold at an average price of $1.30, for a total value of $47,258.90. Following the transaction, the director now owns 962,723 shares in the company, valued at approximately $1,251,539.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Delta Investment Management LLC purchased a new position in D-Wave Quantum in the first quarter valued at about $36,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum in the second quarter valued at about $28,000. Instrumental Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 1st quarter valued at about $60,000. Carroll Investors Inc lifted its position in D-Wave Quantum by 44.7% during the 1st quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock worth $62,000 after acquiring an additional 9,415 shares in the last quarter. Finally, Laidlaw Wealth Management LLC lifted its position in 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 acquiring an additional 20,744 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.