D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading 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.

Analysts Set New Price Targets

QBTS has been the subject of several research reports. Benchmark raised their target price on D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Needham & Company LLC lifted their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Roth Mkm lifted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Finally, 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and an average target price of $10.17.

D-Wave Quantum Stock Up 26.2%

The firm has a market cap of $4.83 billion, a P/E ratio of -39.50 and a beta of 0.90. The stock’s 50-day simple moving average is $8.34 and its 200 day simple moving average is $6.35.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the 4th quarter worth $38,000. Russell Investments Group Ltd. grew its stake in D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after purchasing an additional 3,165 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after acquiring an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank boosted its position in D-Wave Quantum by 107.8% in the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after purchasing an additional 3,266 shares in the last quarter. Institutional investors 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.