D-Wave Quantum Inc. (NYSE:QBTS) Receives $2.54 Consensus Target Price from Brokerages

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

Several research firms have recently issued reports on QBTS. Benchmark dropped their price objective on shares of 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. B. Riley initiated coverage on D-Wave Quantum in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 price target for the company. Needham & Company LLC reduced their price objective on D-Wave Quantum from $2.50 to $2.25 and set a “buy” rating on the stock in a research note on Friday, August 9th. Roth Mkm lowered their target price on 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. Finally, Westpark Capital reiterated a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th.

Hedge Funds Weigh In On D-Wave Quantum

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

D-Wave Quantum Stock Up 0.9 %

Shares of NYSE:QBTS opened at $0.99 on Friday. The company has a market cap of $169.93 million, a P/E ratio of -1.87 and a beta of 0.98. The business has a fifty day simple moving average of $0.99 and a 200-day simple moving average of $1.32. D-Wave Quantum has a 52 week low of $0.57 and a 52 week high of $2.44.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results 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 analysts’ expectations of $2.88 million. Sell-side analysts expect that D-Wave Quantum will post -0.4 earnings per share for the current fiscal 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.