D-Wave Quantum Inc. (NYSE:QBTS) Given Consensus Rating of “Buy” by Analysts

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

Several research firms recently weighed in on QBTS. Benchmark cut their target price on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Monday, August 12th. B. Riley began coverage on shares of D-Wave Quantum in a research note on Thursday, July 25th. They set a “buy” rating and a $3.00 target price for the company. Needham & Company LLC cut their target price on shares of 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. Roth Mkm cut their target price 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. Finally, 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.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in the company. Carroll Investors Inc boosted its stake in shares of D-Wave Quantum by 44.7% during the 1st quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock worth $62,000 after purchasing an additional 9,415 shares during the period. Delta Investment Management LLC purchased a new position in shares of D-Wave Quantum during the 1st quarter worth about $36,000. Laidlaw Wealth Management LLC boosted its stake in shares of D-Wave Quantum by 143.3% during the 4th 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 during the period. Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth about $28,000. Finally, Instrumental Wealth LLC boosted its stake in shares of D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

Shares of QBTS stock opened at $1.00 on Friday. The company has a market capitalization of $171.27 million, a price-to-earnings ratio of -1.89 and a beta of 0.98. D-Wave Quantum has a one year low of $0.57 and a one year high of $2.44. The company’s fifty day moving average price is $1.00 and its 200-day moving average price is $1.35.

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

About D-Wave Quantum

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.