D-Wave Quantum (NYSE:QBTS) Trading Down 5.5% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 5.5% during trading on Wednesday . The company traded as low as $6.52 and last traded at $6.62. 8,688,113 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 70,389,320 shares. The stock had previously closed at $7.00.

Analysts Set New Price Targets

QBTS has been the topic of a number of recent research reports. Benchmark restated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. B. Riley lifted 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The company's 50 day moving average price is $7.05 and its 200 day moving average price is $5.47. The firm has a market cap of $2.17 billion, a PE ratio of -17.82 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. grew its holdings in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after buying an additional 1,766 shares during the period. Invesco Ltd. grew its stake in D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after purchasing an additional 2,051 shares in the last quarter. Corebridge Financial Inc. raised its holdings in D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after acquiring an additional 2,342 shares in the last quarter. Veracity Capital LLC lifted its position in shares of D-Wave Quantum by 9.3% during the first quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock worth $226,000 after purchasing an additional 2,532 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after acquiring an additional 2,971 shares in the last quarter. 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.