D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 2.5% during mid-day trading on Thursday . The stock traded as high as $24.41 and last traded at $23.8420. Approximately 24,889,077 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 32,342,025 shares. The stock had previously closed at $23.25.
More D-Wave Quantum News
Here are the key news stories impacting D-Wave Quantum this week:
- Positive Sentiment: B. Riley reaffirmed its Buy rating on D-Wave Quantum and raised its price target to $40 from $36, reinforcing investor confidence in the company’s quantum-computing growth story. B. Riley is Bullish on D-Wave Quantum Inc. (QBTS)
- Positive Sentiment: Other recent coverage continues to point to meaningful upside for QBTS as quantum computing attracts fresh investor attention and capital, which can help keep sentiment constructive. 2 Quantum Stocks With 45%+ Upside in June as OpenAI, SpaceX Eye IPO
- Neutral Sentiment: Analyst-follow-up articles highlighted that D-Wave has outperformed since its last earnings report, reflecting ongoing speculation around its next catalysts rather than any new operational update. Why Is D-WAVE QUANTUM (QBTS) Up 8.4% Since Last Earnings Report?
- Neutral Sentiment: D-Wave also remains in the spotlight for strategic developments, including CHIPS-related funding and board changes, which support the long-term narrative but do not provide immediate financial results. Is D-Wave Quantum’s (QBTS) CHIPS Funding And Board Shift Reframing Its Commercial Quantum Strategy?
- Negative Sentiment: CEO Alan Baratz sold 687,627 shares, a sizable insider sale that may raise questions about near-term confidence in the stock’s valuation. Alan Baratz Sells 687,627 Shares of D-Wave Quantum NYSE: QBTS Stock
- Negative Sentiment: Additional commentary warns that QBTS may have become stretched after its rally, with some investors rotating out of high-risk growth names and questioning whether current valuations already reflect a lot of future success. D-Wave Quantum Plummeted Today -- Is the Stock a Buy Right Now?
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the stock. TD Cowen began coverage on shares of D-Wave Quantum in a research report on Thursday, February 12th. They set a "buy" rating on the stock. Rosenblatt Securities restated a "buy" rating and issued a $43.00 price target on shares of D-Wave Quantum in a research report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a "buy" rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $36.40.
Check Out Our Latest Research Report on D-Wave Quantum
D-Wave Quantum Trading Up 2.5%
The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of -21.10 and a beta of 2.05. The firm's fifty day moving average is $21.32 and its 200-day moving average is $22.24.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm's revenue for the quarter was down 80.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.02) EPS. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.43 earnings per share for the current year.
Insider Activity at D-Wave Quantum
In other news, VP Sophie C. Ames sold 23,025 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the sale, the vice president owned 596,803 shares of the company's stock, valued at $11,327,320.94. This trade represents a 3.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 50,979 shares of D-Wave Quantum stock in a transaction on Monday, June 8th. The shares were sold at an average price of $26.24, for a total transaction of $1,337,688.96. Following the completion of the sale, the chief financial officer owned 1,388,933 shares of the company's stock, valued at $36,445,601.92. This represents a 3.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,124,987 shares of company stock worth $29,563,100. Corporate insiders own 1.30% of the company's stock.
Hedge Funds Weigh In On D-Wave Quantum
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Baird Financial Group Inc. increased its position in D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after buying an additional 1,300 shares in the last quarter. Royal Bank of Canada raised its stake in D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company's stock worth $1,231,000 after buying an additional 60,668 shares during the period. AQR Capital Management LLC boosted its holdings in D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock worth $1,526,000 after acquiring an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company's stock worth $825,000 after acquiring an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock valued at $333,000 after acquiring an additional 24,382 shares during the period. Institutional investors own 42.47% of the company's stock.
About D-Wave Quantum
(
Get Free Report)
D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
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