D-Wave Quantum (NYSE:QBTS) Shares Up 7.4% - Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 7.4% on Friday . The stock traded as high as $7.51 and last traded at $7.50. 14,033,266 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 69,213,516 shares. The stock had previously closed at $6.98.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on QBTS shares. Needham & Company LLC reissued a "buy" rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Finally, B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 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 target price of $8.42.

D-Wave Quantum Stock Down 3.4 %

The business has a 50-day moving average of $7.12 and a 200-day moving average of $5.63. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -16.77 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $2.23 million. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the business. Victory Capital Management Inc. boosted its stake in shares of D-Wave Quantum by 5.8% during the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock worth $236,000 after acquiring an additional 1,698 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in D-Wave Quantum by 20.6% in 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 during the last quarter. Invesco Ltd. raised its holdings in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares during the period. Corebridge Financial Inc. lifted its position in D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after acquiring an additional 2,342 shares during the last quarter. Finally, Veracity Capital LLC grew its position in shares of D-Wave Quantum by 9.3% in the first quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock valued at $226,000 after purchasing an additional 2,532 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.