Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $16.27, but opened at $15.67. D-Wave Quantum shares last traded at $15.95, with a volume of 13,172,425 shares trading hands.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on QBTS. B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark increased their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a report on Monday, May 12th. Roth Mkm increased their price objective on 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 increased their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $10.17.
View Our Latest Analysis on QBTS
D-Wave Quantum Price Performance
The company has a 50 day moving average price of $9.59 and a 200 day moving average price of $7.24. The firm has a market cap of $4.78 billion, a PE ratio of -38.95 and a beta of 0.90.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other D-Wave Quantum news, CFO John M. Markovich sold 400,000 shares of the firm's 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 directly owns 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. This trade represents a 20.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roger Biscay sold 15,675 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was 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 approximately $3,368,177.26. The trade was a 7.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,358,009 shares of company stock worth $23,282,578. 7.22% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On D-Wave Quantum
Several hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its holdings in shares of D-Wave Quantum by 81.8% during the 1st quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock valued at $1,843,000 after buying an additional 109,110 shares during the period. Strs Ohio bought a new position in D-Wave Quantum during the 1st quarter worth $139,000. Geneos Wealth Management Inc. bought a new position in D-Wave Quantum during the 1st quarter worth $147,000. Focus Partners Wealth grew its stake in D-Wave Quantum by 86.5% during the 1st quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock worth $326,000 after buying an additional 19,922 shares during the last quarter. Finally, Flaharty Asset Management LLC acquired a new position in D-Wave Quantum during the 1st quarter worth $91,000. 42.47% of the stock is owned by institutional investors and hedge funds.
About D-Wave Quantum
(
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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