D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.6% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded down 6.6% during trading on Monday . The company traded as low as $2.77 and last traded at $2.82. 19,169,102 shares traded hands during mid-day trading, an increase of 225% from the average session volume of 5,893,634 shares. The stock had previously closed at $3.02.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Westpark Capital restated a “buy” rating and set a $3.00 price target on shares of D-Wave Quantum in a research note on Friday, August 9th. Benchmark reduced their price objective 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. Roth Mkm lowered their price objective on shares of 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 reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, B. Riley upped 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $2.88.

D-Wave Quantum Price Performance

The stock has a market cap of $620.51 million, a P/E ratio of -6.71 and a beta of 1.77. The stock’s 50 day simple moving average is $1.38 and its two-hundred day simple moving average is $1.18.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after buying an additional 162,688 shares in the last quarter. Virtu Financial LLC raised its holdings in D-Wave Quantum by 217.0% during the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock worth $254,000 after acquiring an additional 85,351 shares in the last quarter. Penserra Capital Management LLC raised its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares in the last quarter. Squarepoint Ops LLC acquired a new position in D-Wave Quantum during the second quarter valued at approximately $163,000. Finally, Bank of New York Mellon Corp bought a new position in D-Wave Quantum in the second quarter valued at approximately $251,000. 42.47% of the stock is 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.