D-Wave Quantum (NYSE:QBTS) Stock Price Down 2% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was down 2% during mid-day trading on Thursday . The company traded as low as $2.88 and last traded at $2.91. Approximately 7,125,708 shares traded hands during trading, an increase of 16% from the average daily volume of 6,131,265 shares. The stock had previously closed at $2.97.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. 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 upped their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research report on Monday, November 25th. Benchmark cut their price target on D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Roth Mkm reduced their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. Finally, Needham & Company LLC reissued a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $2.88.

D-Wave Quantum Stock Performance

The stock has a market cap of $754.91 million, a price-to-earnings ratio of -7.57 and a beta of 1.79. The firm's 50-day moving average price is $1.50 and its two-hundred day moving average price is $1.22.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock valued at $2,183,000 after acquiring an additional 162,688 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $28,000. Bank of New York Mellon Corp acquired a new position in D-Wave Quantum during the second quarter worth about $251,000. Instrumental Wealth LLC increased its position in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock valued at $62,000 after buying an additional 25,067 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in D-Wave Quantum during the 2nd quarter valued at $93,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.

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