D-Wave Quantum (NYSE:QBTS) Stock Price Up 12% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 12% during trading on Friday . The stock traded as high as $12.66 and last traded at $12.35. Approximately 55,258,904 shares traded hands during trading, an increase of 46% from the average daily volume of 37,824,617 shares. The stock had previously closed at $11.03.

Analyst Ratings Changes

QBTS has been the subject of several recent research reports. Needham & Company LLC upped their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a report on Friday, May 9th. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Benchmark boosted their price objective on 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $10.17.

D-Wave Quantum Stock Up 11.6%

The company has a 50-day moving average price of $8.00 and a 200-day moving average price of $6.16. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of -29.31 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the fourth quarter worth approximately $38,000. Russell Investments Group Ltd. lifted its position in D-Wave Quantum by 133.9% in the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock worth $42,000 after purchasing an additional 3,165 shares during the period. Signaturefd LLC lifted its position in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after purchasing an additional 2,971 shares during the period. Finally, Amalgamated Bank lifted its position in D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after purchasing an additional 3,266 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.