D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was down 0.8% during trading on Wednesday . The company traded as low as $16.12 and last traded at $16.43. Approximately 111,015,402 shares were traded during trading, an increase of 176% from the average daily volume of 40,173,644 shares. The stock had previously closed at $16.56.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. B. Riley boosted 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. Roth Mkm increased their price objective 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. Finally, Benchmark upped their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $10.17.
Read Our Latest Research Report on QBTS
D-Wave Quantum Stock Performance
The business has a 50-day moving average of $8.34 and a 200-day moving average of $6.35. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -40.11 and a beta of 0.90.
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 the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. Equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after buying an additional 4,166,721 shares in the last quarter. Bank of America Corp DE lifted its holdings 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 valued at $21,404,000 after acquiring an additional 2,497,263 shares during the period. UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth $20,258,000. Penserra Capital Management LLC increased 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 valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in D-Wave Quantum during the first quarter worth about $8,064,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.
About D-Wave Quantum
(
Get Free Report)
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.
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