D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 0.9% during mid-day trading on Friday . The stock traded as low as $6.30 and last traded at $6.39. Approximately 14,109,297 shares traded hands during trading, a decline of 58% from the average daily volume of 33,601,658 shares. The stock had previously closed at $6.44.
Wall Street Analyst Weigh In
QBTS has been the topic of a number of analyst reports. 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 research note on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Roth Mkm lifted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Finally, Benchmark reissued a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and a consensus target price of $8.42.
Read Our Latest Stock Report on QBTS
D-Wave Quantum Trading Down 0.1 %
The company has a market capitalization of $1.82 billion, a PE ratio of -14.85 and a beta of 0.88. The company's 50 day moving average price is $6.98 and its 200-day moving average price is $5.19.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. As a group, analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Buying and Selling at D-Wave Quantum
In related news, CEO Alan E. Baratz sold 8,372 shares of the business'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 $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were 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 directly owns 1,064,556 shares of the company's stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On D-Wave Quantum
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC increased its holdings in D-Wave Quantum by 161.9% during the 1st quarter. Flagship Harbor Advisors LLC now owns 72,548 shares of the company's stock worth $551,000 after purchasing an additional 44,848 shares during the last quarter. Aspire Capital Advisors LLC bought a new stake in shares of D-Wave Quantum in the first quarter worth $98,000. Advisor Resource Council acquired a new stake in D-Wave Quantum in the first quarter valued at $100,000. Kingswood Wealth Advisors LLC bought a new position in D-Wave Quantum during the 1st quarter valued at $167,000. Finally, Sowell Financial Services LLC acquired a new position in D-Wave Quantum during the 1st quarter worth $96,000. 42.47% of the stock is owned by hedge funds and other institutional investors.
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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