D-Wave Quantum (NYSE:QBTS) Stock Price Up 9% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 9% during trading on Tuesday . The company traded as high as $5.38 and last traded at $5.07. Approximately 36,455,107 shares changed hands during mid-day trading, an increase of 413% from the average daily volume of 7,099,670 shares. The stock had previously closed at $4.65.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of analyst reports. Roth Mkm decreased their price target on D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Benchmark decreased their price target on D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Needham & Company LLC reissued a "buy" rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley boosted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research note on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $2.88.

D-Wave Quantum Stock Up 6.9 %

The company has a market capitalization of $1.11 billion, a P/E ratio of -11.67 and a beta of 1.77. The company has a 50-day moving average of $1.71 and a two-hundred day moving average of $1.29.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $28,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth $42,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum in the second quarter worth $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth $49,000. Finally, Instrumental Wealth LLC grew its stake in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after acquiring an additional 25,067 shares during 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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