D-Wave Quantum (NYSE:QBTS) Shares Gap Down – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped down before the market opened 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.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Roth Mkm cut their price target on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research note 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 lifted their price target 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. Finally, Needham & Company LLC reaffirmed 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 data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Trading Down 1.7 %

The firm’s 50 day moving average is $1.23 and its two-hundred day moving average is $1.14. The firm has a market cap of $636.19 million, a P/E ratio of -6.52 and a beta of 0.96.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after purchasing an additional 162,688 shares in the last quarter. Virtu Financial LLC increased its holdings in D-Wave Quantum by 217.0% during the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock worth $254,000 after buying an additional 85,351 shares during the last quarter. Squarepoint Ops LLC acquired a new position in D-Wave Quantum during the second quarter worth $163,000. Penserra Capital Management LLC increased its holdings in 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 worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in D-Wave Quantum during the second quarter worth $251,000. 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.