D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Recommendation of “Buy” from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has been assigned an average rating of “Buy” from the seven research firms that are presently covering the firm, MarketBeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have covered the stock in the last year is $2.54.

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

D-Wave Quantum Trading Up 8.6 %

NYSE:QBTS opened at $0.97 on Tuesday. The company has a market cap of $195.39 million, a P/E ratio of -2.26 and a beta of 0.98. D-Wave Quantum has a twelve month low of $0.57 and a twelve month high of $2.44. The company’s 50-day moving average price is $0.95 and its 200-day moving average price is $1.20.

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

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. Baader Bank Aktiengesellschaft acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $28,000. Delta Investment Management LLC acquired a new stake in shares of D-Wave Quantum during the first quarter worth $36,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the 2nd quarter valued at $45,000. Finally, Instrumental Wealth LLC acquired a new position in D-Wave Quantum in the 1st quarter valued at $60,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.