D-Wave Quantum (NYSE:QBTS) Shares Down 1.9% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 1.9% during trading on Tuesday . The stock traded as low as $6.90 and last traded at $7.23. Approximately 14,897,125 shares were traded during trading, a decline of 56% from the average daily volume of 34,240,838 shares. The stock had previously closed at $7.37.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Needham & Company LLC restated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a 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 note on Friday, March 14th. Finally, B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Price Performance

The stock has a market capitalization of $2.07 billion, a P/E ratio of -16.92 and a beta of 0.88. The stock's fifty day moving average is $7.04 and its two-hundred day moving average is $5.43.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its 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 firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Bank of America Corp DE boosted its stake in 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. UNICOM Systems Inc. bought a new position in D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. Finally, Geode Capital Management LLC raised 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 worth $2,513,000 after purchasing an additional 645,039 shares during the period. Institutional investors and hedge funds 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.