D-Wave Quantum (NYSE:QBTS) Shares Up 12% - Here's What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shot up 12% during mid-day trading on Friday . The stock traded as high as $12.66 and last traded at $12.35. 55,258,904 shares traded hands during mid-day trading, an increase of 46% from the average session volume of 37,824,617 shares. The stock had previously closed at $11.03.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Trading Up 10.2%

The firm's 50-day simple moving average is $7.86 and its 200-day simple moving average is $6.05. The company has a market capitalization of $3.54 billion, a PE ratio of -29.05 and a beta of 0.90.

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

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the fourth quarter worth about $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the 4th quarter valued at $38,000. Russell Investments Group Ltd. grew its stake in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after purchasing an additional 3,165 shares during the period. Signaturefd LLC grew its stake in 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 boosted its position in shares of D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after acquiring an additional 3,266 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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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