D-Wave Quantum (NYSE:QBTS) Shares Gap Down - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $10.42, but opened at $9.85. D-Wave Quantum shares last traded at $10.60, with a volume of 17,171,114 shares traded.

Analyst Ratings Changes

QBTS has been the topic of several research analyst reports. Needham & Company LLC boosted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday. B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Benchmark reissued a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Roth Mkm raised their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and a consensus price target of $9.17.

D-Wave Quantum Price Performance

The stock has a market cap of $3.29 billion, a PE ratio of -26.86 and a beta of 0.90. The company's fifty day moving average is $7.29 and its 200-day moving average is $5.71.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. Analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in the company. Barclays PLC increased its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares in the last quarter. Sovereign Financial Group Inc. acquired a new position in D-Wave Quantum in the 4th quarter worth about $179,000. Arkadios Wealth Advisors purchased a new position in D-Wave Quantum during the fourth quarter worth approximately $162,000. Traynor Capital Management Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $219,000. Finally, Veracity Capital LLC acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $228,000. 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.

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