D-Wave Quantum (NYSE:QBTS) Trading 33.4% Higher - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were up 33.4% on Thursday . The company traded as high as $9.35 and last traded at $9.19. Approximately 97,289,552 shares were traded during mid-day trading, an increase of 176% from the average daily volume of 35,220,260 shares. The stock had previously closed at $6.89.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on QBTS shares. Benchmark boosted their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research report on Monday. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. B. Riley raised 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. Finally, Needham & Company LLC raised their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Trading Down 3.8%

The company has a market capitalization of $3.11 billion, a P/E ratio of -25.40 and a beta of 0.90. The business's fifty day moving average price is $7.41 and its 200 day moving average price is $5.84.

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

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Victory Capital Management Inc. lifted its stake in D-Wave Quantum by 5.8% during 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. Summit Investment Advisors Inc. grew its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. Invesco Ltd. grew its holdings in D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after buying an additional 2,051 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of D-Wave Quantum by 3.4% during the first quarter. XTX Topco Ltd now owns 65,799 shares of the company's stock worth $500,000 after purchasing an additional 2,159 shares in the last quarter. Finally, Corebridge Financial Inc. grew its holdings in shares of D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after purchasing an additional 2,342 shares in the last quarter. Institutional investors and hedge funds 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.