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

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They presently have a $48.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 84.67% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Jefferies Financial Group began coverage on shares of D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target on the stock. Mizuho began coverage on shares of D-Wave Quantum in a report on Thursday, December 11th. They set an “outperform” rating and a $46.00 price objective for the company. Canaccord Genuity Group lifted their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of D-Wave Quantum in a research report on Wednesday, January 7th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.86.

D-Wave Quantum Price Performance

Shares of NYSE:QBTS opened at $25.99 on Thursday. D-Wave Quantum has a 1-year low of $4.45 and a 1-year high of $46.75. The firm has a market capitalization of $9.10 billion, a PE ratio of -19.25 and a beta of 1.57. The business’s 50 day moving average is $26.17 and its 200-day moving average is $24.32. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $3.74 million during the quarter, compared to analyst estimates 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%.The firm’s revenue was up 105.6% compared to the same quarter last year. Sell-side analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 9,179 shares of D-Wave Quantum stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $257,562.74. Following the transaction, the chief financial officer directly owned 1,462,133 shares in the company, valued at approximately $41,027,451.98. The trade was a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $27.36, for a total value of $218,880.00. Following the completion of the sale, the director owned 27,803 shares of the company’s stock, valued at $760,690.08. This trade represents a 22.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,346,916 shares of company stock worth $65,591,314 in the last three months. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the stock. Westfuller Advisors LLC bought a new position in D-Wave Quantum during the 4th quarter worth about $119,000. Stone House Investment Management LLC grew its holdings in shares of D-Wave Quantum by 238.0% during the fourth quarter. Stone House Investment Management LLC now owns 2,028 shares of the company’s stock worth $53,000 after buying an additional 1,428 shares in the last quarter. DMC Group LLC raised its position in D-Wave Quantum by 59.1% in the 4th quarter. DMC Group LLC now owns 29,988 shares of the company’s stock valued at $784,000 after buying an additional 11,140 shares during the last quarter. Capital Advisors Wealth Management LLC lifted its stake in D-Wave Quantum by 7.9% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 16,476 shares of the company’s stock valued at $431,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Savvy Advisors Inc. boosted its position in D-Wave Quantum by 8.3% during the 4th quarter. Savvy Advisors Inc. now owns 15,380 shares of the company’s stock worth $402,000 after acquiring an additional 1,179 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

About D-Wave Quantum

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.