D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 2.5% during trading on Tuesday . The company traded as high as $7.14 and last traded at $6.76. 15,924,086 shares changed hands during trading, a decline of 51% from the average session volume of 32,676,994 shares. The stock had previously closed at $6.60.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. B. Riley raised their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a report on Friday, December 20th. Finally, Benchmark reaffirmed a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $8.42.
View Our Latest Stock Analysis on QBTS
D-Wave Quantum Price Performance
The firm has a fifty day moving average price of $6.90 and a 200 day moving average price of $4.93. The firm has a market capitalization of $2.11 billion, a PE ratio of -17.25 and a beta of 0.88.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.
Insiders Place Their Bets
In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm's stock in a transaction that occurred on 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 directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the company's stock in a transaction that occurred 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 transaction, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 7,292,642 shares of company stock worth $29,697,798. Corporate insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
A number of institutional investors have recently bought and sold shares of QBTS. Summit Investment Advisors Inc. raised its stake in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares in the last quarter. Invesco Ltd. raised 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 valued at $358,000 after acquiring an additional 2,051 shares in the last quarter. Corebridge Financial Inc. lifted its stake in D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after acquiring an additional 2,342 shares during the last quarter. Veracity Capital LLC lifted its stake in D-Wave Quantum by 9.3% in the first quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock valued at $226,000 after acquiring an additional 2,532 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the fourth quarter worth approximately $26,000. 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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