D-Wave Quantum (NYSE:QBTS) Shares Gap Up - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $7.53, but opened at $7.76. D-Wave Quantum shares last traded at $7.73, with a volume of 8,373,917 shares traded.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Price Performance

The firm's 50 day moving average price is $7.04 and its two-hundred day moving average price is $5.37. The stock has a market cap of $2.14 billion, a PE ratio of -17.42 and a beta of 0.88.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in D-Wave Quantum by 103.7% in the 4th 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 in the last quarter. Bank of America Corp DE lifted its stake in shares of D-Wave Quantum by 4,912.4% in the 4th 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 last quarter. UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. Geode Capital Management LLC raised its holdings in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in D-Wave Quantum during the fourth quarter valued at $2,087,000. 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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