Benchmark Issues Positive Forecast for D-Wave Quantum (NYSE:QBTS) Stock Price

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its target price increased by investment analysts at Benchmark from $8.00 to $14.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Benchmark's price objective suggests a potential upside of 13.74% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Roth Mkm increased their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Trading Up 11.6%

Shares of QBTS traded up $1.28 during trading hours on Monday, reaching $12.31. 111,330,088 shares of the stock traded hands, compared to its average volume of 38,035,444. The company has a market cap of $3.59 billion, a P/E ratio of -29.31 and a beta of 0.90. The company's 50-day moving average price is $7.86 and its two-hundred day moving average price is $6.05. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $12.62.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. On average, research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in QBTS. bLong Financial LLC lifted its stake in D-Wave Quantum by 5.2% in the first quarter. bLong Financial LLC now owns 24,092 shares of the company's stock worth $183,000 after purchasing an additional 1,200 shares during the last quarter. Baird Financial Group Inc. raised its holdings in shares of D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after buying an additional 1,300 shares during the period. Victory Capital Management Inc. lifted its stake in shares of D-Wave Quantum by 5.8% during the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock worth $236,000 after acquiring an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after acquiring an additional 1,766 shares during the period. Finally, Invesco Ltd. grew its position in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after acquiring an additional 2,051 shares during the last quarter. 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.