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

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price 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.

QBTS has been the subject of several other reports. Westpark Capital reiterated a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm dropped their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Benchmark dropped their target price on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $2.88.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of QBTS. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC raised its holdings in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after buying an additional 162,688 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum during the second quarter valued at approximately $265,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Down 1.0 %

The stock’s fifty day simple moving average is $1.23 and its 200 day simple moving average is $1.14. The firm has a market capitalization of $649.63 million, a PE ratio of -6.90 and a beta of 0.96.

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.