D-Wave Quantum (NYSE:QBTS) Shares Up 10.8% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shot up 10.8% during trading on Friday after Benchmark raised their price target on the stock from $8.00 to $14.00. Benchmark 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 mid-day trading, an increase of 113% from the average session volume of 36,039,198 shares. The stock had previously closed at $10.42.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC increased their price target 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. Roth Mkm lifted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $10.17.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. Barclays PLC boosted its holdings in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Sovereign Financial Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $179,000. Arkadios Wealth Advisors purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $162,000. Traynor Capital Management Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $219,000. Finally, Veracity Capital LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $228,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Up 0.5%

The company has a market cap of $3.14 billion, a PE ratio of -25.64 and a beta of 0.90. The business's fifty day moving average is $7.51 and its 200-day moving average is $5.91.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. Analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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.