D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on QBTS. Roth Mkm decreased 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 research report on Tuesday, August 13th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley boosted their target price on 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $2.88.

D-Wave Quantum Stock Performance

The stock has a market cap of $900.54 million, a price-to-earnings ratio of -9.52 and a beta of 1.77. The business’s 50 day moving average is $1.78 and its 200 day moving average is $1.31.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp grew its position in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of D-Wave Quantum in the second quarter worth $28,000. Instrumental Wealth LLC raised its holdings in shares of 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 acquiring an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum during the second quarter worth $45,000. Finally, SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter valued at $42,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.