D-Wave Quantum (NYSE:QBTS) Shares Gap Up - Is It Still a Buy?

On Wednesday, D-Wave Quantum Inc. (NYSE:QBTS) saw its shares gap up at market open, starting at $4.95 after closing the previous day at $4.68. The latest trade placed the stock at $4.25, with a remarkable trading volume of 22,226,253 shares.

Positive Analyst Outlook

Recent research from finance professionals has suggested a variety of price targets for D-Wave Quantum. Roth MKM lowered their price target from $3.00 to $2.00 while maintaining a "buy" rating. Meanwhile, Needham & Company reaffirmed a "buy" rating but increased the price target to $2.25 in their report. Additionally, B. Riley raised their target price for D-Wave Quantum from $3.75 to $4.50, also giving it a "buy" rating. As per MarketBeat.com, six investment analysts have rated the stock as a buy, resulting in an average price target of $2.88.

Stock Performance Overview

D-Wave Quantum has a market capitalization of approximately $900.54 million, with a price-to-earnings ratio of -9.52 and a beta of 1.77, indicating higher volatility than the market. The stock's 50-day moving average stands at $1.78, while its 200-day moving average is $1.31.

Recent Institutional Activity

There has been notable activity among institutional investors regarding D-Wave Quantum. State Street Corp increased its stake by 0.9% during the third quarter, now holding 2,020,977 shares valued at about $1,986,000. In the second quarter, Baader Bank Aktiengesellschaft made a new stake in the company worth $28,000. Instrumental Wealth LLC significantly raised its holdings by 85.9%, acquiring 54,240 shares valued at $62,000 after adding 25,067 shares. Other institutions, including Thoroughbred Financial Services LLC and SG Americas Securities LLC, acquired new stakes in the company recently, leading to institutional ownership of roughly 42.47% of D-Wave Quantum stocks.

About D-Wave Quantum

D-Wave Quantum Inc specializes in quantum computing technologies, providing systems, software, and services globally. Their offerings include the Advantage quantum computer, Ocean software tools, and Leap, a cloud-based platform providing real-time access to their quantum computing resources.

Investment Considerations

While D-Wave Quantum has earned a "buy" rating from multiple analysts, it's essential for potential investors to weigh this against other available options in the market. Although the stock appears promising, leading analysts recommend considering other stocks that may have better growth potential before making investment decisions.

As always, investors should conduct their own research or consult financial advisors to judge if D-Wave Quantum is a viable addition to their portfolios.

D-Wave, Quantum, Stocks