D-Wave Quantum (NYSE:QBTS) Shares Gap Down – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $2.89, but opened at $2.70. D-Wave Quantum shares last traded at $2.73, with a volume of 8,853,033 shares changing hands.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Stock Performance

The business’s 50-day simple moving average is $1.30 and its 200-day simple moving average is $1.16.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $28,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter worth about $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum during the second quarter valued at approximately $45,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter valued at approximately $49,000. Finally, Instrumental Wealth LLC purchased a new stake in D-Wave Quantum in the 1st quarter worth approximately $60,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.