D-Wave Quantum (NYSE:QBTS) Trading Down 0.1% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded down 0.1% during trading on Monday . The company traded as low as $11.12 and last traded at $11.08. 32,763,317 shares changed hands during trading, a decline of 11% from the average session volume of 36,610,049 shares. The stock had previously closed at $11.09.

Analyst Ratings Changes

QBTS has been the topic of a number of analyst reports. Benchmark lifted their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC upped their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, B. Riley lifted 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 note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Stock Up 3.6%

The stock has a fifty day simple moving average of $7.62 and a 200-day simple moving average of $5.94. The stock has a market cap of $3.24 billion, a P/E ratio of -26.48 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of 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 purchasing an additional 89,894 shares in the last quarter. Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum during the 4th quarter worth about $179,000. Arkadios Wealth Advisors bought a new position in D-Wave Quantum in the 4th quarter valued at $162,000. Traynor Capital Management Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $219,000. Finally, Veracity Capital LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $228,000. Institutional investors own 42.47% of the company's stock.

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.