D-Wave Quantum (NYSE:QBTS) Shares Down 1.2% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price was down 1.2% during mid-day trading on Monday . The stock traded as low as $7.47 and last traded at $7.44. Approximately 16,021,499 shares traded hands during trading, a decline of 53% from the average daily volume of 34,263,332 shares. The stock had previously closed at $7.53.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on QBTS shares. Needham & Company LLC reaffirmed a "buy" rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. B. Riley increased their target price 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. Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Benchmark reissued a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Trading Down 2.1 %

The company has a market cap of $2.15 billion, a price-to-earnings ratio of -17.54 and a beta of 0.88. The stock has a 50-day simple moving average of $7.04 and a 200-day simple moving average of $5.37.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly 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 business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. boosted its position in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares during the period. Geode Capital Management LLC increased its holdings in shares of D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after purchasing an additional 418,468 shares during the period. Bank of America Corp DE lifted its position in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth approximately $20,258,000. Finally, State Street Corp grew 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 valued at $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Institutional investors and hedge funds 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.

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