D-Wave Quantum (NYSE:QBTS) Trading Down 2.6% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded down 2.6% on Thursday . The company traded as low as $10.60 and last traded at $10.79. 65,947,876 shares were traded during mid-day trading, an increase of 76% from the average session volume of 37,442,595 shares. The stock had previously closed at $11.08.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Needham & Company LLC upped their target price 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. Benchmark upped their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday. Roth Mkm increased their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, B. Riley raised their price target 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Stock Performance

The business's 50-day simple moving average is $7.73 and its 200 day simple moving average is $5.98. The firm has a market cap of $3.19 billion, a P/E ratio of -25.96 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after buying an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. increased its stake in shares of D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after acquiring an additional 2,216,000 shares during the period. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares during the period. Finally, Bank of America Corp DE grew its position in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. Hedge funds and other 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.

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