D-Wave Quantum Inc. (NASDAQ:QBTS – Get Free Report) shares shot up 2% during trading on Thursday . The company traded as high as $16.96 and last traded at $16.82. Approximately 10,954,975 shares were traded during trading, a decline of 61% from the average session volume of 28,101,104 shares. The stock had previously closed at $16.49.
Analyst Upgrades and Downgrades
QBTS has been the topic of a number of research reports. Mizuho raised their target price 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. Wedbush started coverage on D-Wave Quantum in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. B. Riley Financial upped their target price on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group set a $40.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 7th. Finally, Zacks Research downgraded D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Thirteen 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.27.
Get Our Latest Report on D-Wave Quantum
D-Wave Quantum Stock Up 2.0%
D-Wave Quantum (NASDAQ:QBTS – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The company had revenue of $3.08 million for 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 firm’s quarterly revenue was down 0.6 compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.08) EPS. Sell-side analysts predict that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.
Insider Activity
In other news, Director Rohit Ghai sold 13,518 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the transaction, the director owned 23,617 shares in the company, valued at $623,724.97. This trade represents a 36.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie Ames sold 3,070 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the transaction, the vice president directly owned 589,009 shares of the company’s stock, valued at $9,983,702.55. The trade was a 0.52% decrease in their ownership of the stock. 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 have sold a total of 1,009,157 shares of company stock valued at $26,155,555 over the last three months. 1.30% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On D-Wave Quantum
A number of large investors have recently bought and sold shares of the stock. Corient Private Wealth LP lifted its position in shares of D-Wave Quantum by 521.9% during the second quarter. Corient Private Wealth LP now owns 383,539 shares of the company’s stock worth $9,201,000 after purchasing an additional 321,864 shares in the last quarter. HighTower Advisors LLC raised its holdings 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 buying an additional 10,880 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth approximately $1,312,000. California State Teachers Retirement System increased its position in shares of D-Wave Quantum by 2,336.6% during the 2nd quarter. California State Teachers Retirement System now owns 9,922,576 shares of the company’s stock valued at $238,043,000 after purchasing an additional 9,515,341 shares during the period. Finally, Compass Financial Management LLC bought a new stake in D-Wave Quantum in the second quarter worth about $76,000. 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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