D-Wave Quantum (NYSE:QBTS) Stock Price Up 2.8% - Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 2.8% during trading on Thursday . The company traded as high as $7.14 and last traded at $7.11. Approximately 8,649,029 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 34,393,905 shares. The stock had previously closed at $6.91.

Analyst Ratings Changes

QBTS has been the topic of a number of research analyst reports. Needham & Company LLC reissued a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Benchmark reiterated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Finally, Roth Mkm lifted their price objective 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Price Performance

The firm has a market cap of $2.31 billion, a P/E ratio of -18.90 and a beta of 0.88. The firm's 50 day moving average is $7.10 and its 200 day moving average is $5.55.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Kingsview Wealth Management LLC raised its holdings in D-Wave Quantum by 144.0% in the first quarter. Kingsview Wealth Management LLC now owns 24,449 shares of the company's stock worth $186,000 after buying an additional 14,427 shares during the last quarter. Victory Capital Management Inc. lifted its position in D-Wave Quantum by 5.8% in the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock valued at $236,000 after acquiring an additional 1,698 shares in the last quarter. Lauer Wealth LLC bought a new position in D-Wave Quantum in the 1st quarter valued at approximately $147,000. Signaturefd LLC increased its holdings in shares of D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after purchasing an additional 2,971 shares in the last quarter. Finally, UNICOM Systems Inc. raised its stake in shares of 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 last quarter. Institutional investors own 42.47% of the company's stock.

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.