D-Wave Quantum (NYSE:QBTS) Trading Down 2.8% - Should You Sell?

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Benchmark upped their target price on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a report on Monday. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC upped their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Stock Down 1.7%

The stock has a market cap of $3.17 billion, a PE ratio of -26.08 and a beta of 0.90. The firm has a 50-day simple moving average of $7.73 and a 200-day simple moving average of $5.98.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate 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. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after acquiring an additional 4,166,721 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. raised its position in shares of D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after buying an additional 2,216,000 shares in the last quarter. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after buying an additional 418,468 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after buying an additional 2,497,263 shares in the last quarter. 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.