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

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

Analysts Set New Price Targets

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

D-Wave Quantum Stock Up 12.8 %

The firm has a 50 day simple moving average of $1.34 and a 200-day simple moving average of $1.18. The stock has a market cap of $692.19 million, a P/E ratio of -7.10 and a beta of 0.96.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft bought a new position in shares of D-Wave Quantum during the second quarter worth approximately $28,000. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the second quarter worth approximately $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter worth approximately $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum during the third quarter worth approximately $49,000. Finally, Instrumental Wealth LLC grew its position in 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 buying an additional 25,067 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.