D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) shares were up 7.4% on Thursday . The company traded as high as $30.22 and last traded at $29.5240. Approximately 54,162,652 shares traded hands during mid-day trading, an increase of 69% from the average daily volume of 31,955,262 shares. The stock had previously closed at $27.48.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on QBTS shares. Mizuho lowered their price target on D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Canaccord Genuity Group lowered their target price on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.67.
View Our Latest Analysis on D-Wave Quantum
D-Wave Quantum Trading Up 7.4%
D-Wave Quantum (NYSE:QBTS – Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm had revenue of $2.86 million for the quarter, compared to analysts’ expectations of $4.19 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. D-Wave Quantum’s quarterly revenue was down 80.9% on a year-over-year basis. As a group, equities analysts anticipate that D-Wave Quantum Inc. will post -0.44 EPS for the current year.
Insiders Place Their Bets
In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the transaction, the director owned 27,778 shares of the company’s stock, valued at $489,448.36. This represents a 26.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John M. Markovich sold 328,752 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $27.70, for a total value of $9,106,430.40. Following the transaction, the chief financial officer directly owned 1,442,820 shares in the company, valued at approximately $39,966,114. This represents a 18.56% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 383,553 shares of company stock worth $10,118,016. 3.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in QBTS. Baird Financial Group Inc. lifted its stake in shares of D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after purchasing an additional 1,300 shares during the period. Royal Bank of Canada lifted its stake in shares of D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after purchasing an additional 60,668 shares during the period. AQR Capital Management LLC lifted its stake in shares of D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after purchasing an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after purchasing an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of D-Wave Quantum by 125.7% during the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after purchasing an additional 24,382 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.
D-Wave Quantum Company Profile
D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
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