Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 1.8% during trading on Tuesday . The stock traded as low as $15.54 and last traded at $15.55. Approximately 9,543,814 shares were traded during trading, a decline of 80% from the average daily volume of 48,547,590 shares. The stock had previously closed at $15.83.
Wall Street Analyst Weigh In
QBTS has been the topic of several recent analyst reports. Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective on the stock. Benchmark reiterated a "buy" rating and issued a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Needham & Company LLC lifted their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. B. Riley reiterated a "buy" rating and issued a $20.00 price target (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $14.38.
Read Our Latest Analysis on D-Wave Quantum
D-Wave Quantum Price Performance
The firm's 50-day moving average is $15.30 and its 200-day moving average is $9.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The company has a market capitalization of $4.66 billion, a P/E ratio of -26.58 and a beta of 1.40.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.
Insider Activity at D-Wave Quantum
In other D-Wave Quantum news, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the transaction, the chief financial officer owned 1,577,944 shares of the company's stock, valued at $27,298,431.20. The trade was a 20.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the completion of the sale, the director directly owned 57,778 shares of the company's stock, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock valued at $27,872,091 in the last three months. Corporate insiders own 3.20% of the company's stock.
Institutional Trading of D-Wave Quantum
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Masso Torrence Wealth Management Inc. purchased a new stake in shares of D-Wave Quantum in the second quarter worth $146,000. Wealth Management Partners LLC purchased a new stake in shares of D-Wave Quantum in the second quarter worth $240,000. Bouvel Investment Partners LLC purchased a new position in D-Wave Quantum during the second quarter valued at $2,145,000. Farther Finance Advisors LLC increased its holdings in D-Wave Quantum by 491.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company's stock valued at $239,000 after acquiring an additional 13,561 shares during the last quarter. Finally, SeaCrest Wealth Management LLC bought a new stake in D-Wave Quantum in the 2nd quarter valued at $242,000. 42.47% of the stock is owned by hedge funds and other institutional investors.
D-Wave Quantum Company Profile
(
Get Free Report)
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.
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