D-Wave Quantum (NYSE:QBTS) Shares Gap Up Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up before the market opened on Monday after B. Riley raised their price target on the stock from $3.75 to $4.50. The stock had previously closed at $2.93, but opened at $3.42. B. Riley currently has a buy rating on the stock. D-Wave Quantum shares last traded at $3.47, with a volume of 11,902,922 shares trading hands.

A number of other research firms have also recently commented on QBTS. 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 report 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 report on Friday, November 15th. Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. Finally, Roth Mkm cut 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. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $2.88.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC increased its stake in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 acquiring an additional 645,039 shares during the period. State Street Corp increased its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the period. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Finally, Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the third quarter worth $49,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The stock’s fifty day moving average is $1.19 and its 200-day moving average is $1.13. The stock has a market capitalization of $642.91 million, a PE ratio of -7.05 and a beta of 0.96.

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.