D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price was down 2.2% on Tuesday following insider selling activity. The stock traded as low as $15.41 and last traded at $15.65. Approximately 13,351,028 shares changed hands during trading, a decline of 71% from the average daily volume of 45,960,928 shares. The stock had previously closed at $16.00.
Specifically, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the transaction, the director now directly owns 57,778 shares in the company, valued at approximately $970,670.40. The trade was a 42.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the completion of the transaction, the director now owns 14,260 shares in the company, valued at approximately $240,281. This represents a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other D-Wave Quantum news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the transaction, the director now directly owns 44,295 shares in the company, valued at approximately $726,438. The trade was a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Analysts Set New Price Targets
A number of research analysts have commented on QBTS shares. Needham & Company LLC lifted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. B. Riley lifted their target price on shares of D-Wave Quantum from $13.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Benchmark lifted their target price on shares of D-Wave Quantum from $14.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $12.50.
D-Wave Quantum Trading Up 1.2%
The firm has a market cap of $4.60 billion, a PE ratio of -26.23 and a beta of 1.49. The company’s fifty day moving average price is $12.07 and its two-hundred day moving average price is $8.50. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.
Institutional Trading of D-Wave Quantum
A number of institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. raised its position in D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after acquiring an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC raised its position in D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock worth $38,518,000 after acquiring an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. raised its position in D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock worth $35,171,000 after acquiring an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC raised its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after acquiring an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE raised its position in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.
D-Wave Quantum Company Profile
D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.
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