D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.6% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 6.6% during trading on Monday . The company traded as low as $2.77 and last traded at $2.82. Approximately 19,169,102 shares traded hands during trading, an increase of 225% from the average daily volume of 5,893,634 shares. The stock had previously closed at $3.02.

Analysts Set New Price Targets

A number of equities analysts have commented on QBTS shares. Benchmark lowered their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm lowered their price objective on 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. Westpark Capital reissued a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Finally, B. Riley boosted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $2.88.

D-Wave Quantum Price Performance

The company has a market capitalization of $666.43 million, a P/E ratio of -7.52 and a beta of 1.79. The firm has a fifty day moving average price of $1.46 and a 200-day moving average price of $1.21.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Vanguard Group Inc. lifted its position in shares of 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 in the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of D-Wave Quantum in the second quarter worth $28,000. Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum during the second quarter valued at about $251,000. Instrumental Wealth LLC raised its position in 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 in the last quarter. Finally, Rhumbline Advisers bought a new position in shares of D-Wave Quantum during the second quarter valued at about $93,000. 42.47% of the stock is owned by institutional investors.

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.