D-Wave Quantum (NYSE:QBTS) Trading Down 7.2% - Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 7.2% during mid-day trading on Tuesday . The stock traded as low as $2.50 and last traded at $2.56. Approximately 9,682,621 shares changed hands during trading, an increase of 62% from the average daily volume of 5,972,367 shares. The stock had previously closed at $2.76.

Wall Street Analysts Forecast Growth

Several analysts have commented on QBTS shares. Roth Mkm dropped their price objective on D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Tuesday, August 13th. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. 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 lifted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Benchmark lowered their price objective on D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Monday, August 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $2.88.

D-Wave Quantum Stock Up 8.0 %

The stock has a fifty day moving average price of $1.38 and a 200-day moving average price of $1.18. The firm has a market cap of $667.55 million, a price-to-earnings ratio of -6.10 and a beta of 1.77.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the company. 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 worth $1,986,000 after acquiring an additional 17,225 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum in the second quarter valued at about $28,000. Instrumental Wealth LLC boosted its holdings in D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after buying an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth about $45,000. Finally, SG Americas Securities LLC purchased a new position in D-Wave Quantum in the third quarter valued at about $42,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.