D-Wave Quantum Inc. (QBTS) saw its stock plummet 5.61% during intraday trading on Friday, extending pre-market losses.
The decline followed negative analyst actions, including Mizuho cutting its price target on the stock to $40 from $46, and Evercore ISI lowering its target to $42 from $44. These downward revisions by major financial institutions contributed to bearish sentiment in the market.
Analyst price target reductions often signal concerns about a company's future performance or valuation, prompting investors to reassess their positions.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.