D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded down 0.2% during mid-day trading on Friday . The stock traded as low as $8.21 and last traded at $8.67. 37,023,565 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 30,506,242 shares. The stock had previously closed at $8.69.
Wall Street Analysts Forecast Growth
QBTS has been the subject of several research analyst reports. Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and set a $8.50 target price on shares of D-Wave Quantum in a 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 research note on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $8.42.
View Our Latest Report on QBTS
D-Wave Quantum Stock Performance
The company has a market capitalization of $2.32 billion, a P/E ratio of -20.46 and a beta of 1.12. The stock's fifty day moving average price is $6.31 and its 200-day moving average price is $4.22.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $2.23 million. On average, research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.
Insider Activity at D-Wave Quantum
In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company's stock, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the company's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % 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. Company insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
Several institutional investors have recently added to or reduced their stakes in QBTS. Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after buying an additional 1,766 shares in the last quarter. Invesco Ltd. increased its position in D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares during the period. Corebridge Financial Inc. raised its stake in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after purchasing an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at about $26,000. Finally, Steward Partners Investment Advisory LLC grew its position in shares of D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock worth $110,000 after purchasing an additional 3,660 shares in the last quarter. 42.47% of the stock is currently owned by 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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