Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $2.54

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus recommendation of “Buy” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued a report on the stock in the last year is $2.54.

QBTS has been the topic of several recent analyst reports. Westpark Capital restated a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Roth Mkm decreased their price target 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. Benchmark cut their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Needham & Company LLC lowered their price target on D-Wave Quantum from $2.50 to $2.25 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, 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 for the company.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $0.90 on Tuesday. The business’s fifty day moving average is $0.95 and its 200 day moving average is $1.22. The company has a market capitalization of $181.87 million, a PE ratio of -1.68 and a beta of 0.98. D-Wave Quantum has a fifty-two week low of $0.57 and a fifty-two week high of $2.44.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.10). The company had revenue of $2.18 million for the quarter, compared to the consensus estimate of $2.88 million. On average, sell-side analysts forecast that D-Wave Quantum will post -0.4 EPS for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC raised its position in D-Wave Quantum by 25.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,350,096 shares of the company’s stock valued at $1,188,000 after purchasing an additional 270,096 shares during the period. Marshall Wace LLP bought a new stake in D-Wave Quantum in the second quarter worth $265,000. Bank of New York Mellon Corp purchased a new position in D-Wave Quantum during the second quarter worth $251,000. Vanguard Group Inc. increased its position in D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after acquiring an additional 162,688 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum in the second quarter valued at $163,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.