D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) shot up 1.8% during mid-day trading on Tuesday . The company traded as high as $19.25 and last traded at $19.0010. Approximately 15,603,857 shares traded hands during trading, a decline of 50% from the average daily volume of 31,177,916 shares. The stock had previously closed at $18.66.
Analysts Set New Price Targets
A number of research firms have weighed in on QBTS. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research report on Tuesday, June 2nd. Jefferies Financial Group restated a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Canaccord Genuity Group reduced their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Roth Capital boosted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Moderate Buy” and a consensus price target of $36.80.
Read Our Latest Research Report on D-Wave Quantum
D-Wave Quantum Stock Up 1.8%
D-Wave Quantum (NYSE:QBTS – Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The business had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same quarter in the prior year, the company posted ($0.02) EPS. The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. On average, equities analysts forecast that D-Wave Quantum Inc. will post -0.43 EPS for the current year.
Insider Buying and Selling
In other news, CEO Alan E. Baratz sold 687,627 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the sale, the chief executive officer owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Sophie C. Ames sold 23,025 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total transaction of $437,014.50. Following the sale, the vice president directly owned 596,803 shares in the company, valued at $11,327,320.94. The trade was a 3.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,363,842 shares of company stock valued at $35,802,656 over the last 90 days. 1.30% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On D-Wave Quantum
Several institutional investors have recently modified their holdings of the business. Root Financial Partners LLC boosted its holdings in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares during the last quarter. Parallel Advisors LLC lifted its position in D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares during the period. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum in the 4th quarter worth approximately $28,000. PeakShares LLC purchased a new stake in D-Wave Quantum during the 1st quarter valued at $29,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after buying an additional 838 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.
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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