D-Wave Quantum (NYSE:QBTS) Trading Down 7.2% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 7.2% during mid-day trading on Tuesday . The stock traded as low as $2.50 and last traded at $2.56. Approximately 9,682,621 shares changed hands during trading, an increase of 62% from the average daily volume of 5,972,367 shares. The stock had previously closed at $2.76.

Wall Street Analysts Forecast Growth

Several analysts have commented on QBTS shares. Roth Mkm dropped their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Westpark Capital reissued a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. B. Riley lifted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Benchmark lowered their price objective on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $2.88.

D-Wave Quantum Stock Up 8.0 %

The stock has a fifty day moving average price of $1.38 and a 200-day moving average price of $1.18. The firm has a market cap of $667.55 million, a price-to-earnings ratio of -6.10 and a beta of 1.77.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the company. State Street Corp grew its holdings 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 acquiring an additional 17,225 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum in the second quarter valued at about $28,000. Instrumental Wealth LLC boosted its holdings in D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after buying an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth about $45,000. Finally, SG Americas Securities LLC purchased a new position in D-Wave Quantum in the third quarter valued at about $42,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.