D-Wave Quantum (NYSE:QBTS) Stock Price Down 14.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 14.5% during mid-day trading on Wednesday . The stock traded as low as $3.75 and last traded at $4.00. 48,124,381 shares changed hands during trading, an increase of 543% from the average session volume of 7,480,643 shares. The stock had previously closed at $4.68.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Roth Mkm dropped 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 report on Tuesday, August 13th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $2.88.

D-Wave Quantum Stock Performance

The firm’s 50-day simple moving average is $1.78 and its 200 day simple moving average is $1.31. The company has a market cap of $958.78 million, a P/E ratio of -9.52 and a beta of 1.77.

Institutional Trading of D-Wave Quantum

Large investors have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at $28,000. SG Americas Securities LLC bought a new position in D-Wave Quantum during the 3rd quarter worth about $42,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum during the 2nd quarter worth about $45,000. Bogart Wealth LLC bought a new position in D-Wave Quantum during the 3rd quarter worth about $49,000. Finally, Instrumental Wealth LLC increased its holdings in 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 purchasing an additional 25,067 shares in the last quarter. 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.