D-Wave Quantum (NYSE:QBTS) Trading Down 6.5% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 6.5% on Monday . The company traded as low as $4.57 and last traded at $4.73. 47,641,604 shares were traded during mid-day trading, an increase of 596% from the average session volume of 6,845,850 shares. The stock had previously closed at $5.06.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on QBTS. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark dropped their price target on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Roth Mkm dropped their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Stock Performance

The firm has a 50-day moving average of $1.63 and a 200-day moving average of $1.26. The firm has a market capitalization of $1.04 billion, a P/E ratio of -11.26 and a beta of 1.77.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in D-Wave Quantum in the second quarter worth approximately $28,000. Instrumental Wealth LLC boosted its stake in shares of D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares during the last quarter. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. Finally, SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter worth $42,000. Hedge funds and other institutional investors 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.