D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.7% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was down 5.7% on Monday . The stock traded as low as $5.97 and last traded at $6.06. Approximately 5,813,218 shares traded hands during trading, a decline of 92% from the average daily volume of 74,326,773 shares. The stock had previously closed at $6.42.

Analysts Set New Price Targets

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

D-Wave Quantum Stock Performance

The firm's 50 day moving average is $6.99 and its 200-day moving average is $5.21. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -17.91 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of the company. Summit Investment Advisors Inc. boosted its stake in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after buying an additional 1,766 shares during the period. Invesco Ltd. boosted its stake in shares of D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. boosted its stake in shares of D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after purchasing an additional 2,342 shares during the period. Veracity Capital LLC boosted its stake in shares of D-Wave Quantum by 9.3% in the first quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock valued at $226,000 after purchasing an additional 2,532 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $26,000. 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.