Dec. 5 at 7:30 PM
$QBTS Evercore ISI initiated coverage with an outperform rating and a
$44 price target (≈53.7% upside); the stock's consensus is a "Moderate Buy" with an average target of
$29.85 and several firms lifting targets into the
$35–
$41 range.
D-Wave posted Q3 EPS of (
$0.05) beating estimates and revenue of
$3.74M (up 105.6% YoY), but still carries very large negative margins and losses (net margin -1,651.8%, negative ROE).
Insiders sold roughly 1.38M shares (~
$36.9M) in the past 90 days including CEO sales, even as major institutions like Vanguard and UBS materially increased their stakes; institutional ownership is about 42.5%.
