D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 4.1% during mid-day trading on Friday . The company traded as high as $16.83 and last traded at $16.63. 29,876,920 shares were traded during mid-day trading, a decline of 38% from the average session volume of 48,043,095 shares. The stock had previously closed at $15.98.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. Williams Trading set a $20.00 price objective on D-Wave Quantum in a research note on Wednesday, June 18th. B. Riley restated a "buy" rating and issued a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Benchmark reiterated a "buy" rating and set a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and an average price target of $14.38.
View Our Latest Research Report on QBTS
D-Wave Quantum Stock Performance
The company has a 50-day moving average price of $14.27 and a two-hundred day moving average price of $9.48. The stock has a market capitalization of $4.90 billion, a P/E ratio of -27.95 and a beta of 1.40. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Buying and Selling
In related news, CFO John M. Markovich sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the completion of the transaction, the director owned 14,260 shares in the company, valued at approximately $240,281. This trade represents a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 in the last 90 days. 3.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after buying an additional 4,166,721 shares in the last quarter. Bank of America Corp DE boosted its stake in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after buying an additional 2,497,263 shares in the last quarter. Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after buying an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. boosted its stake in D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after buying an additional 2,216,000 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in D-Wave Quantum in the first quarter worth approximately $8,064,000. 42.47% of the stock is currently owned by 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.
Further Reading
Before you consider D-Wave Quantum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and D-Wave Quantum wasn't on the list.
While D-Wave Quantum currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
