D-Wave Quantum (NYSE:QBTS) Earns Buy Rating from Analysts at B. Riley

B. Riley assumed coverage on shares of D-Wave Quantum (NYSE:QBTS) in a research note published on Thursday, MarketBeat Ratings reports. The firm issued a buy rating and a $3.00 price target on the stock.

QBTS has been the subject of several other reports. Benchmark raised their price target on D-Wave Quantum from $2.00 to $4.00 and gave the stock a buy rating in a research report on Tuesday, April 2nd. Craig Hallum raised their price target on D-Wave Quantum from $1.75 to $2.50 and gave the stock a buy rating in a research report on Monday, April 1st. Needham & Company LLC restated a buy rating and set a $2.50 price target on shares of D-Wave Quantum in a research report on Tuesday, May 14th. Finally, Roth Mkm raised their price target on D-Wave Quantum from $2.00 to $3.00 and gave the stock a buy rating in a research report on Monday, April 1st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $2.83.

D-Wave Quantum Trading Down 3.9 %

Shares of D-Wave Quantum stock opened at $0.99 on Thursday. D-Wave Quantum has a fifty-two week low of $0.57 and a fifty-two week high of $2.72. The stock has a 50 day moving average of $1.17 and a 200 day moving average of $1.39.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The company had revenue of $2.47 million during the quarter, compared to the consensus estimate of $2.75 million. Research analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Activity

In other news, Director Emil Michael sold 25,675 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $1.35, for a total value of $34,661.25. Following the sale, the director now directly owns 937,048 shares in the company, valued at $1,265,014.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. Baader Bank Aktiengesellschaft acquired a new stake in D-Wave Quantum in the second quarter valued at $28,000. Laidlaw Wealth Management LLC increased its position in shares of D-Wave Quantum by 143.3% during the fourth quarter. Laidlaw Wealth Management LLC now owns 35,224 shares of the company’s stock worth $31,000 after purchasing an additional 20,744 shares in the last quarter. Delta Investment Management LLC acquired a new stake in shares of D-Wave Quantum during the first quarter worth about $36,000. Instrumental Wealth LLC acquired a new stake in shares of D-Wave Quantum during the first quarter worth about $60,000. Finally, Carroll Investors Inc increased its position in shares of D-Wave Quantum by 44.7% during the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock worth $62,000 after purchasing an additional 9,415 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.