D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.8% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 6.8% during trading on Monday . The company traded as low as $7.34 and last traded at $7.38. Approximately 10,439,570 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 34,761,139 shares. The stock had previously closed at $7.91.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Price Performance

The stock's 50-day moving average is $7.29 and its two-hundred day moving average is $5.71. The company has a market cap of $3.23 billion, a P/E ratio of -26.43 and a beta of 0.90.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth $26,000. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the fourth quarter valued at about $38,000. Signaturefd LLC increased its position in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after buying an additional 2,971 shares in the last quarter. Amalgamated Bank raised its stake in shares of D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after buying an additional 3,266 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of D-Wave Quantum by 231.0% during the 1st quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock valued at $50,000 after buying an additional 4,620 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.