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

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

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

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Baader Bank Aktiengesellschaft bought a new position in D-Wave Quantum during the second quarter worth about $28,000. Delta Investment Management LLC acquired a new stake in D-Wave Quantum in the 1st quarter valued at $36,000. SG Americas Securities LLC bought a new stake in D-Wave Quantum in the third quarter valued at $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth $45,000. Finally, Bogart Wealth LLC bought a new position in shares of D-Wave Quantum during the third quarter valued at $49,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 8.6 %

NYSE:QBTS opened at $1.59 on Friday. The business’s fifty day moving average price is $1.01 and its 200 day moving average price is $1.11. The firm has a market capitalization of $319.27 million, a price-to-earnings ratio of -3.72 and a beta of 0.96. D-Wave Quantum has a 1-year low of $0.57 and a 1-year high of $2.44.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.10). The company had revenue of $2.18 million during the quarter, compared to analysts’ expectations of $2.88 million. Equities analysts forecast that D-Wave Quantum will post -0.4 earnings per share for the current year.

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.