D-Wave Quantum (NYSE:QBTS) Trading 13.9% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 13.9% during mid-day trading on Friday . The stock traded as high as $3.15 and last traded at $3.12. Approximately 8,579,539 shares traded hands during trading, an increase of 50% from the average daily volume of 5,736,991 shares. The stock had previously closed at $2.74.

Analysts Set New Price Targets

Several research analysts have recently weighed in on QBTS shares. Westpark Capital reissued a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Benchmark cut their price target on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley lifted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday. Finally, Roth Mkm cut their target price on 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 data from MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Price Performance

The stock has a market capitalization of $692.19 million, a P/E ratio of -7.10 and a beta of 0.96. The firm’s 50 day moving average price is $1.34 and its 200 day moving average price is $1.18.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the stock. Baader Bank Aktiengesellschaft bought a new position in D-Wave Quantum in the second quarter worth about $28,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum in the second quarter worth about $45,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the third quarter valued at approximately $42,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum during the third quarter valued at approximately $49,000. Finally, Instrumental Wealth LLC increased its stake in shares of D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

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.