Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 0.6% on Thursday . The company traded as low as $6.35 and last traded at $6.40. 5,135,222 shares traded hands during trading, a decline of 85% from the average session volume of 33,443,703 shares. The stock had previously closed at $6.44.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on QBTS shares. B. Riley raised their target price 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 reissued a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm increased their target price 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 reissued a "buy" rating and set a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Six research 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 an average price target of $8.42.
Read Our Latest Report on QBTS
D-Wave Quantum Stock Down 2.6 %
The firm's fifty day simple moving average is $6.98 and its 200-day simple moving average is $5.16. The company has a market cap of $1.82 billion, a PE ratio of -14.88 and a beta of 0.88.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. On average, analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Transactions at D-Wave Quantum
In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm's stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the company's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Barclays PLC increased its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares during the last quarter. Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after buying an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter worth approximately $820,000. Finally, Sovereign Financial Group Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $179,000. 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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