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

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Benchmark dropped their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a report on Monday, August 12th. Roth Mkm dropped their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Westpark Capital reissued a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a report on Friday, August 9th. B. Riley upped their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Price Performance

The company has a market cap of $676.51 million, a PE ratio of -7.19 and a beta of 0.96. The company’s 50 day simple moving average is $1.38 and its two-hundred day simple moving average is $1.19.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently made changes to their positions in the business. State Street Corp lifted its position 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 worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum during the second quarter worth about $28,000. Instrumental Wealth LLC lifted its position 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 worth $62,000 after purchasing an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the second quarter worth about $45,000. Finally, SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum during the third quarter worth about $42,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.