D-Wave Quantum (NYSE:QBTS) Stock Price Up 10.8% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded up 10.8% during trading on Friday after Needham & Company LLC raised their price target on the stock from $8.50 to $13.00. Needham & Company LLC currently has a buy rating on the stock. D-Wave Quantum traded as high as $11.69 and last traded at $11.55. 76,751,947 shares changed hands during trading, an increase of 113% from the average session volume of 36,039,198 shares. The stock had previously closed at $10.42.

Other research analysts also recently issued research reports about the company. 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 research note on Friday, March 14th. B. Riley boosted their price target on shares of 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 reiterated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $9.17.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after buying an additional 3,624,407 shares during the period. Penserra Capital Management LLC grew 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 purchasing an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its stake in D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after purchasing an additional 2,216,000 shares during the period. Geode Capital Management LLC lifted its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after purchasing an additional 418,468 shares during the period. Finally, Bank of America Corp DE increased its holdings in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Up 8.1 %

The firm has a market cap of $3.28 billion, a P/E ratio of -26.81 and a beta of 0.90. The company's 50 day simple moving average is $7.29 and its 200-day simple moving average is $5.71.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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. Equities research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

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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