D-Wave Quantum (NYSE:QBTS) Trading 3.5% Higher – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 3.5% during trading on Tuesday . The company traded as high as $7.92 and last traded at $7.87. Approximately 19,625,688 shares changed hands during trading, a decline of 76% from the average daily volume of 83,101,250 shares. The stock had previously closed at $7.60.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley increased their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Trading Down 0.2 %

The business’s 50-day simple moving average is $6.67 and its 200-day simple moving average is $4.53. The company has a market capitalization of $2.21 billion, a PE ratio of -17.99 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the transaction, the insider now directly owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,071,206 shares of company stock worth $46,758,181 over the last quarter. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the business. State Street Corp boosted its position in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Barclays PLC raised its stake in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at $820,000. Finally, Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum in the 4th quarter worth $179,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.