Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 6% on Thursday . The company traded as low as $9.54 and last traded at $9.96. Approximately 61,925,312 shares were traded during trading, an increase of 107% from the average daily volume of 29,911,155 shares. The stock had previously closed at $10.60.
Wall Street Analyst Weigh In
Several research firms have issued reports on QBTS. Needham & Company LLC reissued a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum 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 note on Friday, December 20th. Benchmark restated a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley lifted their price target on shares of 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, Roth Mkm upped their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $8.42.
Read Our Latest Report on QBTS
D-Wave Quantum Stock Down 3.6 %
The firm's fifty day simple moving average is $6.31 and its 200-day simple moving average is $4.20. 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) 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. On average, analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Buying and Selling at D-Wave Quantum
In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction dated 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 transaction, the insider now directly owns 37,278,688 shares of the company's stock, valued at $228,891,144.32. The trade was a 6.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company's 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 sale, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
A number of hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC raised its stake in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Barclays PLC raised its holdings in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after purchasing an additional 89,894 shares during the period. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 33.8% in the 3rd 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. Finally, Silverleafe Capital Partners LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $820,000. 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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