D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.7% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price fell 0.7% during trading on Friday . The stock traded as low as $7.07 and last traded at $7.30. 20,185,406 shares were traded during mid-day trading, a decline of 41% from the average session volume of 34,015,324 shares. The stock had previously closed at $7.35.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on QBTS shares. Roth Mkm lifted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Needham & Company LLC restated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, Benchmark reaffirmed a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Stock Up 2.4 %

The stock has a market cap of $2.19 billion, a P/E ratio of -17.93 and a beta of 0.88. The business's 50-day simple moving average is $7.04 and its two-hundred day simple moving average is $5.37.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) 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 the consensus estimate of $2.23 million. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the period. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares during the period. Bank of New York Mellon Corp grew its position in D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after buying an additional 63,799 shares in the last quarter. Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $820,000. Finally, Commonwealth Equity Services LLC increased its stake in D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock worth $1,916,000 after acquiring an additional 209,000 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.