D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was down 5.8% on Thursday . The stock traded as low as $16.36 and last traded at $16.53. Approximately 28,292,393 shares changed hands during trading, a decline of 34% from the average daily volume of 42,918,173 shares. The stock had previously closed at $17.55.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on QBTS shares. B. Riley upped their price target 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. Benchmark lifted their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $10.17.
View Our Latest Stock Report on QBTS
D-Wave Quantum Stock Performance
The firm has a market capitalization of $4.69 billion, a P/E ratio of -38.08 and a beta of 0.90. The stock has a fifty day moving average price of $9.44 and a two-hundred day moving average price of $7.10.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.
Insider Transactions 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 dated Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the sale, the chief financial officer now owns 1,577,944 shares of the company's stock, valued at $27,298,431.20. This trade represents a 20.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the sale, the director now directly owns 203,147 shares in the company, valued at $3,368,177.26. This represents a 7.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,358,009 shares of company stock valued at $23,282,578. Corporate insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after buying an additional 63,799 shares during the period. Commonwealth Equity Services LLC lifted its stake in D-Wave Quantum by 1,097.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock worth $1,916,000 after purchasing an additional 209,000 shares during the last quarter. Truist Financial Corp bought a new position in shares of D-Wave Quantum in the 4th quarter valued at $108,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of D-Wave Quantum by 20.6% in the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock valued at $393,000 after acquiring an additional 8,001 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.
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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