D-Wave Quantum (NYSE:QBTS) Shares Gap Up - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $6.89, but opened at $8.67. D-Wave Quantum shares last traded at $8.76, with a volume of 70,547,845 shares.

Analyst Ratings Changes

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

D-Wave Quantum Stock Performance

The company has a 50-day moving average price of $7.41 and a 200-day moving average price of $5.84. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of -25.40 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate 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, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. Barclays PLC lifted its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after purchasing an additional 89,894 shares during the last quarter. Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $179,000. Arkadios Wealth Advisors purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $162,000. Traynor Capital Management Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $219,000. Finally, Veracity Capital LLC purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $228,000. 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.