D-Wave Quantum (NYSE:QBTS) Stock Price Down 14.5% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 14.5% during mid-day trading on Wednesday . The company traded as low as $3.75 and last traded at $4.00. 48,124,381 shares changed hands during trading, an increase of 543% from the average session volume of 7,480,643 shares. The stock had previously closed at $4.68.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Roth Mkm lowered their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley increased their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Trading Down 8.5 %

The firm has a market capitalization of $958.78 million, a price-to-earnings ratio of -9.52 and a beta of 1.77. The company’s 50 day moving average is $1.78 and its 200-day moving average is $1.31.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after acquiring an additional 162,688 shares during the last quarter. Penserra Capital Management LLC increased its holdings in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum during the second quarter worth approximately $163,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the second quarter worth approximately $251,000. Finally, Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the second quarter worth approximately $45,000. 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.