D-Wave Quantum (NYSE:QBTS) Stock Price Up 7.4% - Here's What Happened

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on QBTS shares. B. Riley increased their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Roth Mkm lifted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Price Performance

The company has a market cap of $2.31 billion, a PE ratio of -18.90 and a beta of 0.88. The company's fifty day moving average price is $7.10 and its 200 day moving average price is $5.55.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings 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 worth $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after purchasing an additional 2,253,741 shares during the period. UNICOM Systems Inc. lifted 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 valued at $35,171,000 after purchasing an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after buying an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE increased its position in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after buying an additional 2,497,263 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.