Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 3.3% during mid-day trading on Friday . The stock traded as low as $15.52 and last traded at $15.49. 8,366,021 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 48,375,386 shares. The stock had previously closed at $16.01.
Analyst Ratings Changes
A number of equities research analysts have commented on the stock. Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Benchmark restated a "buy" rating and issued a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Finally, B. Riley reaffirmed a "buy" rating and set a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a report on Wednesday, June 18th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and a consensus price target of $14.38.
Read Our Latest Analysis on QBTS
D-Wave Quantum Stock Performance
The business's fifty day moving average price is $14.95 and its two-hundred day moving average price is $9.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The stock has a market capitalization of $4.32 billion, a P/E ratio of -24.67 and a beta of 1.40.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued 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. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Activity
In related news, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction on 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 completion of the sale, the chief financial officer directly owned 1,577,944 shares in the company, valued at $27,298,431.20. This trade represents a 20.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rohit Ghai sold 43,517 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total transaction of $731,085.60. Following the transaction, the director owned 57,778 shares in the company, valued at $970,670.40. This trade represents a 42.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,636,796 shares of company stock worth $27,872,091. Company insiders own 3.20% of the company's stock.
Institutional Trading of D-Wave Quantum
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Reyes Financial Architecture Inc. bought a new position in shares of D-Wave Quantum during the second quarter valued at approximately $29,000. Parallel Advisors LLC boosted its holdings in D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after acquiring an additional 1,532 shares during the period. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter worth $38,000. Finally, Russell Investments Group Ltd. lifted its position in shares of D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after purchasing an additional 3,165 shares during the last quarter. 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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