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

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.

QBTS has been the topic of a number of other reports. Roth Mkm lowered 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 report on Tuesday, August 13th. Benchmark decreased their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Westpark Capital reaffirmed a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a report on Friday, August 9th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $2.88.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the business. Penserra Capital Management LLC lifted 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 buying an additional 839,942 shares in the last quarter. Geode Capital Management LLC lifted 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 buying an additional 645,039 shares in the last quarter. State Street Corp lifted 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 buying an additional 17,225 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after buying an additional 162,688 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of D-Wave Quantum in the second quarter worth about $265,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

The company’s 50 day moving average price is $1.19 and its two-hundred day moving average price 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.