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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) 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 brokerages have also weighed in on QBTS. Westpark Capital reissued a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. Roth Mkm dropped their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Benchmark lowered their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $2.88.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after acquiring an additional 162,688 shares in the last quarter. Virtu Financial LLC increased its stake in shares of D-Wave Quantum by 217.0% in the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock worth $254,000 after purchasing an additional 85,351 shares in the last quarter. Penserra Capital Management LLC raised its position 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 valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Squarepoint Ops LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at $163,000. Finally, Bank of New York Mellon Corp bought a new position in D-Wave Quantum in the 2nd quarter worth $251,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Trading Down 6.6 %

The stock has a 50 day simple moving average of $1.27 and a 200-day simple moving average of $1.15. The firm has a market cap of $604.83 million, a PE ratio of -6.43 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.