Shares of D-Wave Quantum Inc. (NASDAQ:QBTS – Get Free Report) dropped 1.4% during mid-day trading on Monday . The company traded as low as $20.19 and last traded at $20.87. Approximately 10,029,012 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 29,165,053 shares. The stock had previously closed at $21.17.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on QBTS shares. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. B. Riley Financial increased their price objective on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings cut D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Wedbush started coverage on D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Finally, Roth Capital reaffirmed a “buy” rating and issued a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.36.
Read Our Latest Analysis on D-Wave Quantum
D-Wave Quantum Price Performance
D-Wave Quantum (NASDAQ:QBTS – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The business’s revenue for the quarter was down 0.6 compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) EPS. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.
Insider Activity
In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the sale, the director owned 23,617 shares of the company’s stock, valued at $623,724.97. The trade was a 36.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the sale, the director owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. This trade represents a 26.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,363,842 shares of company stock valued at $35,789,148. Corporate insiders own 1.30% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in QBTS. BlackRock Inc. acquired a new position in D-Wave Quantum during the second quarter valued at approximately $795,206,000. UBS Group AG raised its position in shares of D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the period. Bank of America Corp DE acquired a new stake in shares of D-Wave Quantum in the second quarter worth $104,183,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of D-Wave Quantum by 136,842.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock worth $83,546,000 after buying an additional 3,192,533 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of D-Wave Quantum by 311.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after buying an additional 2,685,980 shares during the period. 42.47% of the stock is owned by 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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