D-Wave Quantum (NYSE:QBTS) Shares Up 7.4% – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) rose 7.4% during trading on Monday . The company traded as high as $13.44 and last traded at $13.15. Approximately 55,006,307 shares changed hands during mid-day trading, an increase of 43% from the average daily volume of 38,415,516 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

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

D-Wave Quantum Stock Performance

The company’s fifty day moving average price is $8.34 and its two-hundred day moving average price is $6.35. The firm has a market capitalization of $4.80 billion, a PE ratio of -42.07 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS) last announced 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 firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. On average, equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. bLong Financial LLC lifted its holdings in shares of D-Wave Quantum by 5.2% during the first quarter. bLong Financial LLC now owns 24,092 shares of the company’s stock worth $183,000 after buying an additional 1,200 shares during the last quarter. Baird Financial Group Inc. raised its position in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after purchasing an additional 1,300 shares during the period. Victory Capital Management Inc. raised its position in D-Wave Quantum by 5.8% in the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company’s stock valued at $236,000 after buying an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after purchasing an additional 2,051 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.