D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 5.1% during mid-day trading on Friday . The company traded as low as $16.18 and last traded at $16.2340. 13,478,829 shares changed hands during trading, a decline of 56% from the average daily volume of 30,292,818 shares. The stock had previously closed at $17.10.
Key Stories Impacting D-Wave Quantum
Here are the key news stories impacting D-Wave Quantum this week:
Analysts Set New Price Targets
A number of research firms recently commented on QBTS. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Roth Capital boosted their target price on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Jefferies Financial Group restated a "buy" rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Mizuho upped their price target on shares of D-Wave Quantum from $29.00 to $35.00 and gave the stock an "outperform" rating in a research report on Monday, June 15th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $40.00 target price on shares of D-Wave Quantum in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.
Check Out Our Latest Report on QBTS
D-Wave Quantum Stock Performance
The company has a market capitalization of $6.01 billion, a PE ratio of -14.37 and a beta of 2.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The company has a 50 day moving average price of $23.08 and a 200 day moving average price of $21.34.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The business had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. The business's revenue was down 80.9% compared to the same quarter last year. Equities analysts forecast that D-Wave Quantum Inc. will post -0.42 EPS for the current year.
Insider Transactions at D-Wave Quantum
In other news, VP Sophie C. Ames sold 23,025 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total value of $437,014.50. Following the completion of the transaction, the vice president directly owned 596,803 shares of the company's stock, valued at approximately $11,327,320.94. The trade was a 3.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the sale, the director directly owned 23,617 shares of the company's stock, valued at approximately $623,724.97. This represents a 36.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,360,772 shares of company stock valued at $35,737,111 over the last quarter. Insiders own 1.30% of the company's stock.
Hedge Funds Weigh In On D-Wave Quantum
Hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS Group AG raised its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company's stock worth $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC boosted its holdings in D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company's stock worth $220,085,000 after buying an additional 866,405 shares in the last quarter. State Street Corp boosted its holdings in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company's stock worth $201,540,000 after buying an additional 385,809 shares in the last quarter. Marex Group plc grew its position in D-Wave Quantum by 74.9% in the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company's stock worth $120,098,000 after buying an additional 1,966,500 shares during the last quarter. Finally, Clear Street Group Inc. grew its position in D-Wave Quantum by 40.4% in the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company's stock worth $111,955,000 after buying an additional 1,232,106 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.
D-Wave Quantum Company Profile
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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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