D-Wave Quantum (NYSE:QBTS) Trading 24.1% Higher - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares rose 24.1% during trading on Friday . The stock traded as high as $4.69 and last traded at $4.68. Approximately 36,759,534 shares traded hands during trading, an increase of 468% from the average daily volume of 6,472,830 shares. The stock had previously closed at $3.77.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Roth Mkm decreased their price objective on D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. Westpark Capital reissued a "buy" rating and set a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark decreased their target price on shares of D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Finally, B. Riley boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $2.88.

D-Wave Quantum Trading Up 36.6 %

The company has a market cap of $1.15 billion, a price-to-earnings ratio of -11.14 and a beta of 1.79. The company's 50 day moving average price is $1.55 and its 200 day moving average price is $1.24.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently modified their holdings of QBTS. Barclays PLC boosted its stake in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Geode Capital Management LLC grew its stake in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after acquiring an additional 645,039 shares during the period. State Street Corp raised its holdings in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Penserra Capital Management LLC lifted its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. Finally, Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum during the third quarter worth $49,000. 42.47% of the stock is owned by hedge funds and other 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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