D-Wave Quantum (NYSE:QBTS) Stock Price Up 2% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were up 2% during trading on Thursday . The stock traded as high as $7.38 and last traded at $7.35. Approximately 13,181,748 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 33,007,239 shares. The stock had previously closed at $7.20.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Benchmark reiterated a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley raised their price target on shares of 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 restated a "buy" rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. 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. Finally, Craig Hallum boosted 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Stock Down 3.3 %

The stock's fifty day simple moving average is $6.90 and its two-hundred day simple moving average is $4.96. The firm has a market cap of $2.04 billion, a PE ratio of -16.69 and a beta of 0.88.

Remove Ads

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate 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 anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Large investors have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Barclays PLC lifted its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after purchasing an additional 89,894 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 purchasing an additional 645,039 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth about $820,000. Finally, Sovereign Financial Group Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth about $179,000. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

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.