D-Wave Quantum (NYSE:QBTS) Shares Gap Down – What’s Next?

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.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on QBTS. B. Riley lifted their price objective 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. Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark decreased their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. 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. Finally, Westpark Capital reaffirmed a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Price Performance

The stock’s fifty day moving average is $1.30 and its 200 day moving average is $1.16.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Penserra Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 17.9% during the 1st 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. Finally, Marshall Wace LLP bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $265,000. Hedge funds and other 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.