D-Wave Quantum (NYSE:QBTS) Trading Down 7.2% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 7.2% during trading on Tuesday . The stock traded as low as $2.50 and last traded at $2.56. Approximately 9,682,621 shares changed hands during mid-day trading, an increase of 62% from the average daily volume of 5,972,367 shares. The stock had previously closed at $2.76.

Analyst Upgrades and Downgrades

Several research firms have weighed in on QBTS. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Westpark Capital restated a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Benchmark lowered their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Monday, August 12th. B. Riley boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Roth Mkm reduced their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Stock Up 8.0 %

The firm has a market cap of $667.55 million, a price-to-earnings ratio of -6.10 and a beta of 1.77. The company has a 50 day moving average of $1.38 and a 200 day moving average of $1.18.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. Baader Bank Aktiengesellschaft bought a new position in shares of D-Wave Quantum during the second quarter worth about $28,000. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the third quarter worth about $42,000. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the second quarter valued at approximately $45,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth $49,000. Finally, Instrumental Wealth LLC lifted its holdings in shares of D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during 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.