D-Wave Quantum (NYSE:QBTS) Trading Down 6.6% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 6.6% during mid-day trading on Monday . The stock traded as low as $2.77 and last traded at $2.82. Approximately 19,169,102 shares were traded during mid-day trading, an increase of 225% from the average daily volume of 5,893,634 shares. The stock had previously closed at $3.02.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. B. Riley increased their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research note on Monday, November 25th. Benchmark dropped their target price on shares of D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Monday, August 12th. Roth Mkm reduced their price objective on D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Tuesday, August 13th. Westpark Capital reaffirmed a "buy" rating and set a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $2.88.

D-Wave Quantum Trading Down 8.3 %

The firm has a market capitalization of $620.51 million, a price-to-earnings ratio of -6.71 and a beta of 1.77. The company has a fifty day moving average price of $1.38 and a 200-day moving average price of $1.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of QBTS. Barclays PLC increased its holdings in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC boosted its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the period. State Street Corp grew its holdings 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 during the last quarter. Penserra Capital Management LLC raised its position in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Finally, Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the third quarter worth $49,000. 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.

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