D-Wave Quantum (NYSE:QBTS) Trading Down 6.5% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 6.5% on Monday . The company traded as low as $4.57 and last traded at $4.73. Approximately 47,641,604 shares were traded during mid-day trading, an increase of 596% from the average daily volume of 6,845,850 shares. The stock had previously closed at $5.06.

Analysts Set New Price Targets

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

D-Wave Quantum Price Performance

The company has a fifty day moving average price of $1.63 and a 200 day moving average price of $1.26. The company has a market cap of $1.04 billion, a PE ratio of -11.26 and a beta of 1.77.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. Baader Bank Aktiengesellschaft bought a new stake in D-Wave Quantum in the second quarter valued at approximately $28,000. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $45,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum in the 3rd quarter worth $49,000. Finally, 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 acquiring an additional 25,067 shares during the period. 42.47% of the stock is currently owned by 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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