D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.5% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 6.5% during trading on Monday . The stock traded as low as $4.57 and last traded at $4.73. 47,641,604 shares traded hands 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.

Analyst Ratings Changes

A number of research firms recently weighed in on QBTS. B. Riley upped their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Roth Mkm cut 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. 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 investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Stock Up 0.6 %

The company has a market cap of $1.05 billion, a PE ratio of -11.14 and a beta of 1.77. The company has a 50-day moving average of $1.78 and a 200-day moving average of $1.31.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the company. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. Marshall Wace LLP bought a new position in shares of D-Wave Quantum in the second quarter valued at approximately $265,000. Bank of New York Mellon Corp purchased a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $251,000. Finally, Vanguard Group Inc. lifted its holdings in D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after acquiring an additional 162,688 shares during the period. 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.