D-Wave Quantum (NYSE:QBTS) Trading Down 1.2% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 1.2% during mid-day trading on Monday . The stock traded as low as $7.47 and last traded at $7.44. 16,021,499 shares were traded during mid-day trading, a decline of 53% from the average session volume of 34,263,332 shares. The stock had previously closed at $7.53.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Roth Mkm increased their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley boosted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Six research 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 a consensus price target of $8.42.

D-Wave Quantum Stock Down 1.0 %

The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of -16.50 and a beta of 0.88. The company's fifty day simple moving average is $7.04 and its 200 day simple moving average is $5.43.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, analysts anticipate 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 and other institutional investors have recently made changes to their positions in QBTS. DMC Group LLC bought a new position in D-Wave Quantum during the 1st quarter worth $78,000. Bank Hapoalim BM bought a new position in shares of D-Wave Quantum in the first quarter worth $76,000. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after purchasing an additional 2,253,741 shares during the period. Bank of New York Mellon Corp raised its stake in D-Wave Quantum by 134.0% in the first quarter. Bank of New York Mellon Corp now owns 513,834 shares of the company's stock valued at $3,905,000 after purchasing an additional 294,214 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in D-Wave Quantum during the first quarter worth about $102,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.