D-Wave Quantum (NYSE:QBTS) Trading Up 20.1% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 20.1% during mid-day trading on Thursday . The company traded as high as $18.18 and last traded at $18.46. 92,546,544 shares changed hands during trading, an increase of 21% from the average session volume of 76,178,828 shares. The stock had previously closed at $15.36.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Roth Mkm boosted their price target 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. Benchmark boosted their target price on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Needham & Company LLC boosted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Price Performance

The stock has a market cap of $5.56 billion, a PE ratio of -45.41 and a beta of 0.90. The company has a 50 day moving average price of $8.44 and a two-hundred day moving average price of $6.41.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of D-Wave Quantum by 40.9% during the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after acquiring an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of D-Wave Quantum by 1,097.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock worth $1,916,000 after purchasing an additional 209,000 shares in the last quarter. Truist Financial Corp acquired a new position in D-Wave Quantum during the 4th quarter valued at about $108,000. Finally, Barclays PLC increased its holdings in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares in 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.

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