D-Wave Quantum (NYSE:QBTS) Shares Up 1.9% - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were up 1.9% during trading on Wednesday . The company traded as high as $11.40 and last traded at $10.94. Approximately 23,445,465 shares changed hands during trading, a decline of 67% from the average daily volume of 70,154,070 shares. The stock had previously closed at $10.73.

Analysts Set New Price Targets

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

D-Wave Quantum Trading Up 10.9%

The firm has a market capitalization of $3.56 billion, a P/E ratio of -29.48 and a beta of 0.90. The business has a 50 day moving average of $7.86 and a 200-day moving average of $6.05.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. lifted its position in shares of D-Wave Quantum by 133.9% in the first 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 in the last quarter. Signaturefd LLC boosted its holdings in D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after purchasing an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after purchasing an additional 3,266 shares during the last quarter. 42.47% of the stock is currently owned by 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.