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

D-Wave Quantum Inc. (NYSE:QBTS) gapped up before the market opened 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 trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on QBTS shares. B. Riley boosted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Needham & Company LLC boosted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Finally, Benchmark upped their price target on D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $10.17.

D-Wave Quantum Trading Up 8.1%

The firm has a market cap of $3.86 billion, a price-to-earnings ratio of -30.82 and a beta of 0.90. The stock has a 50-day moving average of $8.00 and a two-hundred day moving average of $6.19.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analysts’ expectations of $10.50 million. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock valued at $1,845,000 after buying an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC increased its stake 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 buying 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 $108,000. Finally, Barclays PLC increased its stake 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 buying an additional 89,894 shares in the last quarter. 42.47% of the stock is currently 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.