D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.1% – Here’s What Happened

by · The Markets Daily

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) shares traded down 1.1% on Wednesday . The company traded as low as $7.24 and last traded at $7.34. 13,706,159 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 32,131,029 shares. The stock had previously closed at $7.42.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on QBTS. B. Riley lifted their target price 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. Craig Hallum lifted their price target 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. Roth Mkm increased their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday. Finally, Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $8.42.

Get Our Latest Analysis on D-Wave Quantum

D-Wave Quantum Trading Up 2.2 %

The stock has a market cap of $2.21 billion, a P/E ratio of -18.05 and a beta of 1.12. The firm has a 50-day simple moving average of $6.69 and a two-hundred day simple moving average of $4.57.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last announced 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 business had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. Sell-side 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, CEO Alan E. Baratz sold 8,372 shares of the firm’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 value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the 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 transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock worth $46,758,181 over the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Vanguard Group Inc. raised its holdings in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after acquiring an additional 418,468 shares during the period. Bank of America Corp DE raised its position in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter worth about $20,258,000. Finally, State Street Corp lifted its position in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the period. 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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