D-Wave Quantum (NYSE:QBTS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a report released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $8.50 price target on the stock.

Several other brokerages also recently weighed in on QBTS. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Craig Hallum upped their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

QBTS opened at $7.33 on Wednesday. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.95. The firm has a 50 day moving average price of $6.71 and a 200 day moving average price of $4.59. The company has a market cap of $2.14 billion, a PE ratio of -17.45 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, sell-side analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Activity

In other news, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Barclays PLC raised its position in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock worth $1,845,000 after purchasing an additional 63,799 shares during the period. Silverleafe Capital Partners LLC bought a new position in shares of D-Wave Quantum in the 4th quarter worth about $820,000. Commonwealth Equity Services LLC lifted its position in shares of D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock worth $1,916,000 after buying an additional 209,000 shares during the last quarter. Finally, Truist Financial Corp acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at about $108,000. Institutional investors own 42.47% of the company’s stock.

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.