D-Wave Quantum Inc. (NASDAQ:QBTS – Get Free Report)’s stock price dropped 5.1% on Friday . The company traded as low as $16.67 and last traded at $16.99. Approximately 18,077,892 shares were traded during trading, a decline of 37% from the average session volume of 28,503,023 shares. The stock had previously closed at $17.90.
Analyst Ratings Changes
Several research analysts have recently issued reports on QBTS shares. Canaccord Genuity Group set a $35.00 target price on shares of D-Wave Quantum in a report on Thursday, August 6th. Benchmark began coverage on shares of D-Wave Quantum in a report on Monday, July 27th. They set a “buy” rating and a $30.00 price target for the company. Jefferies Financial Group set a $40.00 price target on shares of D-Wave Quantum in a research report on Friday, August 7th. Roth Capital reissued a “buy” rating and issued a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Finally, Mizuho boosted their price objective on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. Thirteen 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.27.
Check Out Our Latest Stock Analysis on QBTS
D-Wave Quantum Stock Down 5.1%
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 analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $3.08 million during the quarter, compared to analysts’ expectations 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 was down 0.6 compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) EPS. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CFO John M. Markovich sold 200,000 shares of the firm’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 sale, the chief financial officer directly owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alan E. Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction dated 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 directly owned 3,299,771 shares in the company, valued at $86,223,016.23. The trade was a 17.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,012,065 shares of company stock worth $26,245,703. Company insiders own 1.30% of the company’s stock.
Institutional Trading of D-Wave Quantum
Several large investors have recently bought and sold shares of QBTS. Corient Private Wealth LP raised its position in shares of D-Wave Quantum by 521.9% in the 2nd quarter. Corient Private Wealth LP now owns 383,539 shares of the company’s stock worth $9,201,000 after acquiring an additional 321,864 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of D-Wave Quantum by 6.9% during the second quarter. HighTower Advisors LLC now owns 167,525 shares of the company’s stock valued at $4,019,000 after purchasing an additional 10,880 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $1,312,000. California State Teachers Retirement System grew its stake in D-Wave Quantum by 2,336.6% in the second quarter. California State Teachers Retirement System now owns 9,922,576 shares of the company’s stock worth $238,043,000 after purchasing an additional 9,515,341 shares during the period. Finally, Compass Financial Management LLC purchased a new stake in D-Wave Quantum in the second quarter worth $76,000. 42.47% of the stock is owned by institutional investors.
About D-Wave Quantum
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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