D-Wave Quantum (NYSE:QBTS) Shares Down 5.7% - What's Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 5.7% during trading on Monday . The company traded as low as $5.97 and last traded at $6.06. 5,813,218 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 74,326,773 shares. The stock had previously closed at $6.42.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Benchmark restated a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. B. Riley raised their price target on shares of 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, Roth Mkm upped 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Price Performance

The stock has a market cap of $2.19 billion, a price-to-earnings ratio of -17.93 and a beta of 0.88. The business's fifty day simple moving average is $7.04 and its 200 day simple moving average is $5.30.

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

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position 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 purchasing an additional 3,624,407 shares during the last quarter. Barclays PLC raised its holdings 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. Bank of New York Mellon Corp grew its holdings in D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after buying an additional 63,799 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at approximately $820,000. Finally, Commonwealth Equity Services LLC raised its stake in D-Wave Quantum by 1,097.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock valued at $1,916,000 after acquiring an additional 209,000 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.