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

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

Wall Street Analyst Weigh In

QBTS has been the topic of several recent research reports. Needham & Company LLC restated a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. 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 report on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Roth Mkm increased their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Price Performance

The firm has a market cap of $2.11 billion, a PE ratio of -17.29 and a beta of 0.88. The business has a fifty day moving average price of $7.01 and a two-hundred day moving average price of $5.26.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the 4th quarter worth about $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth about $67,000. KBC Group NV acquired a new stake in shares of D-Wave Quantum during the 1st quarter valued at about $69,000. Finally, GAMMA Investing LLC grew its stake in shares of D-Wave Quantum by 4,019.5% in the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock valued at $80,000 after buying an additional 10,330 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

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.