D-Wave Quantum (NYSE:QBTS) Shares Gap Up After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up before the market opened on Monday after B. Riley raised their price target on the stock from $3.75 to $4.50. The stock had previously closed at $2.93, but opened at $3.42. B. Riley currently has a buy rating on the stock. D-Wave Quantum shares last traded at $3.47, with a volume of 11,902,922 shares trading hands.

A number of other equities research analysts also recently commented on the company. Benchmark decreased their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Roth Mkm lowered their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Westpark Capital reaffirmed a “buy” rating and issued a $3.00 price target on shares of D-Wave Quantum in a report on Friday, August 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $2.88.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft purchased a new position in D-Wave Quantum during the 2nd quarter valued at $28,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum during the third quarter valued at $42,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum in the second quarter worth about $45,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum in the 3rd quarter worth about $49,000. Finally, Instrumental Wealth LLC bought a new stake in D-Wave Quantum during the 1st quarter valued at about $60,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Trading Down 6.6 %

The company has a market capitalization of $604.83 million, a PE ratio of -6.43 and a beta of 0.96. The firm’s 50-day simple moving average is $1.27 and its 200-day simple moving average is $1.15.

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.