D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares saw an uptick in trading volume on Thursday . 33,502,743 shares changed hands during mid-day trading, a decline of 18% from the previous session's volume of 40,810,989 shares.The stock last traded at $17.49 and had previously closed at $15.36.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QBTS. Needham & Company LLC raised their price target 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. Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. B. Riley boosted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Benchmark increased their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Stock Performance

The stock has a fifty day moving average price of $8.44 and a 200-day moving average price of $6.41. The firm has a market cap of $5.56 billion, a PE ratio of -45.45 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On D-Wave Quantum

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

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