Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $11.95 and last traded at $11.21, with a volume of 208468744 shares traded. The stock had previously closed at $10.15.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $8.42.
View Our Latest Research Report on D-Wave Quantum
D-Wave Quantum Price Performance
The stock's 50-day moving average is $6.25 and its 200 day moving average is $4.12. The company has a market cap of $2.25 billion, a PE ratio of -19.94 and a beta of 1.12.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.
Insider Buying and Selling at D-Wave Quantum
In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the company's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the company'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 transaction of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is owned by corporate insiders.
Institutional Trading of D-Wave Quantum
A number of hedge funds and other institutional investors have recently made changes to their positions in QBTS. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the period. Bank of America Corp DE grew its position in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. UNICOM Systems Inc. acquired a new stake in D-Wave Quantum during the fourth quarter valued at $20,258,000. Penserra Capital Management LLC grew its position in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after buying an additional 839,942 shares during the period. Finally, Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after buying an additional 645,039 shares during the period. Institutional investors and hedge funds own 42.47% of the company's stock.
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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