D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Wednesday . The stock had previously closed at $4.68, but opened at $4.95. D-Wave Quantum shares last traded at $4.25, with a volume of 22,226,253 shares changing hands.

Analyst Ratings Changes

QBTS has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm cut their price target on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, B. Riley upped their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Trading Down 14.1 %

The company’s fifty day moving average is $1.78 and its 200-day moving average is $1.31. The firm has a market capitalization of $900.54 million, a P/E ratio of -9.52 and a beta of 1.77.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after buying an additional 162,688 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum in the second quarter worth $28,000. Bank of New York Mellon Corp bought a new position in D-Wave Quantum during the second quarter worth $251,000. Instrumental Wealth LLC raised its stake in D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in D-Wave Quantum in the 2nd quarter valued at $93,000. 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.