D-Wave Quantum (NYSE:QBTS) Shares Up 9% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 9% during trading on Tuesday . The stock traded as high as $5.38 and last traded at $5.07. 36,455,107 shares traded hands during trading, an increase of 413% from the average session volume of 7,099,670 shares. The stock had previously closed at $4.65.

Analysts Set New Price Targets

Several research firms have recently commented on QBTS. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley boosted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Price Performance

The firm has a market capitalization of $916.20 million, a PE ratio of -9.74 and a beta of 1.79. The firm’s fifty day moving average is $1.85 and its two-hundred day moving average is $1.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after acquiring an additional 162,688 shares during the last quarter. Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Squarepoint Ops LLC purchased a new position in D-Wave Quantum in the second quarter valued at about $163,000. Bank of New York Mellon Corp purchased a new position in D-Wave Quantum in the second quarter valued at about $251,000. Finally, Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the second quarter valued at about $45,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.