D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was down 5.7% during mid-day trading on Wednesday . The company traded as low as $8.31 and last traded at $8.28. Approximately 33,578,236 shares traded hands during trading, an increase of 7% from the average daily volume of 31,429,253 shares. The stock had previously closed at $8.78.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on QBTS shares. Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Benchmark reiterated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $8.42.
Get Our Latest Research Report on QBTS
D-Wave Quantum Stock Performance
The firm has a market cap of $2.21 billion, a P/E ratio of -18.04 and a beta of 1.12. The firm's fifty day simple moving average is $6.62 and its 200 day simple moving average is $4.43.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $2.23 million. On average, equities research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Activity at D-Wave Quantum
In other news, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now owns 37,278,688 shares of the company's stock, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On D-Wave Quantum
A number of large investors have recently made changes to their positions in QBTS. 111 Capital bought a new stake in D-Wave Quantum in the fourth quarter worth about $123,000. Ameriflex Group Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $205,000. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum during the 4th quarter valued at $26,000. Voloridge Investment Management LLC bought a new position in D-Wave Quantum in the 4th quarter valued at $2,063,000. Finally, Squarepoint Ops LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth $1,989,000. 42.47% of the stock is owned by hedge funds and other 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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