Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 0.8% on Wednesday . The company traded as high as $6.48 and last traded at $6.27. Approximately 9,973,855 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 32,784,197 shares. The stock had previously closed at $6.22.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. B. Riley boosted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Benchmark restated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Finally, Craig Hallum raised their price target 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 research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $8.42.
Check Out Our Latest Report on D-Wave Quantum
D-Wave Quantum Stock Performance
The stock has a market capitalization of $2.11 billion, a P/E ratio of -17.25 and a beta of 0.88. The business has a 50 day simple moving average of $6.90 and a 200-day simple moving average of $4.93.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. Equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.
Insider Activity at D-Wave Quantum
In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company's stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,292,642 shares of company stock valued at $29,697,798 over the last ninety days. Insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the 4th quarter worth approximately $38,000. Heritage Wealth Advisors purchased a new position in D-Wave Quantum during the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum during the 4th quarter valued at $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. 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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