D-Wave Quantum Inc. (NYSE:QBTS) Given Average Rating of "Buy" by Brokerages

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) have been assigned a consensus rating of "Buy" from the six brokerages that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $10.17.

QBTS has been the subject of several analyst reports. B. Riley upped their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark raised their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th.

D-Wave Quantum Trading Up 24.2%

NYSE:QBTS traded up $3.71 during trading hours on Wednesday, reaching $19.07. The company had a trading volume of 240,821,781 shares, compared to its average volume of 41,548,168. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of -45.40 and a beta of 0.90. The firm's 50 day moving average price is $8.44 and its 200-day moving average price is $6.41. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $19.67.

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

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. Vanguard Group Inc. lifted its holdings in D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after purchasing an additional 4,166,721 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at about $20,258,000. Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of D-Wave Quantum in the first quarter worth about $8,064,000. 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.