D-Wave Quantum (NYSE:QBTS) Trading Up 15.4% - What's Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 15.4% during trading on Wednesday . The stock traded as high as $7.40 and last traded at $7.21. 20,317,176 shares changed hands during trading, a decline of 40% from the average session volume of 33,772,452 shares. The stock had previously closed at $6.25.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Benchmark reiterated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley raised their price objective on 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 reaffirmed a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Trading Up 2.4 %

The company has a market capitalization of $2.19 billion, a PE ratio of -17.93 and a beta of 0.88. The business has a fifty day moving average of $7.04 and a 200 day moving average of $5.33.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. Equities analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth approximately $38,000. Amalgamated Bank increased its stake in shares of D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after buying an additional 3,266 shares during the period. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $67,000. Finally, KBC Group NV purchased a new position in D-Wave Quantum in the first quarter worth approximately $69,000. 42.47% of the stock is currently owned by hedge funds and other 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.