D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $8.50 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 15.96% from the company's previous close.
A number of other equities analysts have also recently commented on the company. B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark reiterated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm upped their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $8.42.
Check Out Our Latest Stock Report on D-Wave Quantum
D-Wave Quantum Price Performance
NYSE:QBTS traded down $0.09 during mid-day trading on Wednesday, hitting $7.33. The company's stock had a trading volume of 40,610,304 shares, compared to its average volume of 32,342,133. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.95. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -17.45 and a beta of 1.12. The business's fifty day moving average is $6.71 and its two-hundred day moving average is $4.59.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares of the company's stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,071,206 shares of company stock worth $46,758,181 over the last three months. Company insiders own 7.22% of the company's stock.
Hedge Funds Weigh In On D-Wave Quantum
Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after purchasing an additional 418,468 shares during the period. Bank of America Corp DE raised its position 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 acquiring an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $20,258,000. Finally, State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.
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.
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