D-Wave Quantum (NYSE:QBTS) Given “Buy” Rating at Needham & Company LLC

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $8.50 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 14.48% from the stock’s previous close.

Several other brokerages have also commented on QBTS. Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, B. Riley raised their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

NYSE:QBTS opened at $7.43 on Wednesday. The firm has a market cap of $2.16 billion, a PE ratio of -17.68 and a beta of 1.12. The firm has a 50 day simple moving average of $6.69 and a 200-day simple moving average of $4.57. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.95.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, sell-side analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares of the company’s stock, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,071,206 shares of company stock worth $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at about $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum during the 4th quarter valued at approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the 4th quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. raised its position in shares of D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors 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.