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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) 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.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Westpark Capital reiterated a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a report on Friday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm dropped their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. 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 research note on Monday, August 12th. Finally, B. Riley lifted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $2.88.

D-Wave Quantum Stock Down 1.7 %

The business has a fifty day simple moving average of $1.23 and a 200-day simple moving average of $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 Investors Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of the business. Baader Bank Aktiengesellschaft bought a new stake in D-Wave Quantum in the 2nd quarter worth approximately $28,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum in the 3rd quarter worth $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $45,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum during the 3rd quarter valued at about $49,000. Finally, Instrumental Wealth LLC acquired a new position in D-Wave Quantum during the 1st quarter valued at about $60,000. 42.47% of the stock is owned by hedge funds and other 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.