D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up prior to trading on Monday . The stock had previously closed at $12.25, but opened at $12.52. D-Wave Quantum shares last traded at $13.12, with a volume of 32,508,458 shares changing hands.

Analyst Ratings Changes

QBTS has been the topic of a number of recent research reports. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC lifted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, Benchmark boosted their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $10.17.

D-Wave Quantum Price Performance

The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of -39.50 and a beta of 0.90. The stock’s 50 day moving average price is $8.34 and its two-hundred day moving average price is $6.35.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. As a group, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Bank of New York Mellon Corp increased its position in D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock valued at $1,845,000 after acquiring an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of D-Wave Quantum by 1,097.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock valued at $1,916,000 after purchasing an additional 209,000 shares in the last quarter. Truist Financial Corp acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $108,000. Finally, Barclays PLC increased its holdings 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 valued at $117,000 after purchasing an additional 89,894 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

About D-Wave Quantum

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.