D-Wave Quantum (NYSE:QBTS) Stock Price Up 9% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QBTS. B. Riley increased their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. 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 dropped their price objective on 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. Finally, Benchmark dropped their price objective 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Price Performance

The firm has a market capitalization of $1.11 billion, a PE ratio of -11.67 and a beta of 1.77. The firm has a 50-day simple moving average of $1.71 and a 200-day simple moving average of $1.29.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Baader Bank Aktiengesellschaft purchased a new position in D-Wave Quantum in the second quarter worth about $28,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the third quarter worth about $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the second quarter worth about $45,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum in the third quarter worth about $49,000. Finally, Instrumental Wealth LLC boosted its position in D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.