D-Wave Quantum (NYSE:QBTS) Trading Down 2.8% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was down 2.8% during trading on Tuesday . The stock traded as low as $10.36 and last traded at $10.42. Approximately 27,507,536 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 36,751,958 shares. The stock had previously closed at $10.72.

Analysts Set New Price Targets

Several equities research analysts recently commented on QBTS shares. B. Riley lifted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark lifted their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Trading Up 11.6%

The stock has a 50 day simple moving average of $8.00 and a 200-day simple moving average of $6.12. The firm has a market capitalization of $3.59 billion, a P/E ratio of -29.31 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. raised its holdings in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after acquiring an additional 3,165 shares in the last quarter. Signaturefd LLC raised its holdings in shares of D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after acquiring an additional 2,971 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after acquiring an additional 3,266 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.