D-Wave Quantum (NYSE:QBTS) Trading Up 5.7% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded up 5.7% on Wednesday . The stock traded as high as $3.32 and last traded at $3.16. 16,173,480 shares changed hands during mid-day trading, an increase of 167% from the average session volume of 6,067,124 shares. The stock had previously closed at $2.99.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm dropped their price target on shares of 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 dropped their price target on shares of 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. Westpark Capital reaffirmed a "buy" rating and set a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Finally, B. Riley increased their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $2.88.

D-Wave Quantum Stock Performance

The firm has a market cap of $672.03 million, a PE ratio of -7.52 and a beta of 1.79. The company's 50-day simple moving average is $1.46 and its two-hundred day simple moving average is $1.21.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $28,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $42,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $49,000. Finally, Instrumental Wealth LLC lifted its position in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after purchasing an additional 25,067 shares during the period. Hedge funds and other institutional investors 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.

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