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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares saw strong trading volume on Friday . 45,399,739 shares changed hands during mid-day trading, an increase of 20% from the previous session's volume of 37,798,159 shares.The stock last traded at $12.32 and had previously closed at $11.03.

Wall Street Analyst Weigh In

Several research firms recently issued reports on QBTS. Benchmark increased their target price on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday. Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC upped their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Price Performance

The company has a market cap of $3.58 billion, a PE ratio of -29.22 and a beta of 0.90. The firm has a 50-day simple moving average of $7.86 and a two-hundred day simple moving average of $6.05.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter worth about $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. grew its position in shares of D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after acquiring an additional 3,165 shares in the last quarter. Signaturefd LLC increased its holdings in shares of D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after acquiring an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank raised its position in shares of D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after acquiring an additional 3,266 shares in the last quarter. 42.47% of the stock is currently 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.

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