D-Wave Quantum (NYSE:QBTS) Shares Down 0.7% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded down 0.7% during trading on Friday . The company traded as low as $7.07 and last traded at $7.30. 20,185,406 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 34,015,324 shares. The stock had previously closed at $7.35.

Analyst Ratings Changes

A number of research firms have recently weighed in on QBTS. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark reissued a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Needham & Company LLC restated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Stock Down 5.3 %

The company has a fifty day moving average of $7.06 and a 200 day moving average of $5.41. The company has a market cap of $2.03 billion, a P/E ratio of -16.62 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the business. State Street Corp increased its holdings in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Barclays PLC grew its stake in shares of D-Wave Quantum by 298.3% during 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 during the last quarter. Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $820,000. Finally, Sovereign Financial Group Inc. bought a new stake in D-Wave Quantum during the 4th quarter valued at $179,000. 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.