D-Wave Quantum Inc. (NASDAQ:QBTS – Get Free Report) fell 3.1% on Wednesday . The stock traded as low as $16.88 and last traded at $17.12. Approximately 15,831,039 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 27,986,547 shares. The stock had previously closed at $17.67.
Analysts Set New Price Targets
A number of analysts recently issued reports on QBTS shares. Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Wedbush initiated coverage on shares of D-Wave Quantum in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 7th. Weiss Ratings raised shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 28th. Finally, Jefferies Financial Group set a $40.00 target price on shares of D-Wave Quantum in a research note on Friday, August 7th. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.27.
Read Our Latest Analysis on D-Wave Quantum
D-Wave Quantum Price Performance
D-Wave Quantum (NASDAQ:QBTS – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The company’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) EPS. On average, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.46 EPS for the current year.
Insiders Place Their Bets
In other D-Wave Quantum news, CFO John Markovich sold 200,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,142,820 shares of the company’s stock, valued at $29,381,902.20. This represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rohit Ghai sold 13,518 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. The trade was a 36.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 217,688 shares of company stock worth $5,570,847 in the last quarter. 1.30% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the business. CoreCap Advisors LLC grew its holdings in D-Wave Quantum by 9.2% in the 2nd quarter. CoreCap Advisors LLC now owns 6,115 shares of the company’s stock worth $147,000 after buying an additional 515 shares in the last quarter. Thoroughbred Financial Services LLC raised its stake in D-Wave Quantum by 0.5% during the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock valued at $3,447,000 after acquiring an additional 602 shares in the last quarter. Comerica Bank raised its stake in D-Wave Quantum by 1.8% during the 3rd quarter. Comerica Bank now owns 36,443 shares of the company’s stock valued at $901,000 after acquiring an additional 643 shares in the last quarter. Presilium Private Wealth LLC boosted its position in D-Wave Quantum by 6.9% during the 1st quarter. Presilium Private Wealth LLC now owns 10,657 shares of the company’s stock worth $154,000 after acquiring an additional 687 shares during the period. Finally, Main Management ETF Advisors LLC grew its stake in shares of D-Wave Quantum by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 69,687 shares of the company’s stock worth $1,822,000 after purchasing an additional 712 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.
About D-Wave Quantum
D-Wave Quantum Inc develops quantum computing systems, software, and services for commercial, government, and research customers. The company is best known for its quantum annealing technology, which is designed to help solve complex optimization problems involving areas such as logistics, scheduling, manufacturing, artificial intelligence, and financial modeling.
D-Wave also develops gate-model quantum computing technology and provides access to its systems through cloud-based services, including the Leap quantum application environment.
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