D-Wave Quantum Inc. (NYSE:QBTS) Shares Purchased by Invesco Ltd.

Invesco Ltd. grew its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 5.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 42,619 shares of the company’s stock after acquiring an additional 2,051 shares during the period. Invesco Ltd.’s holdings in D-Wave Quantum were worth $358,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of QBTS. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum during the fourth quarter valued at about $67,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter worth about $84,000. Spire Wealth Management purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $90,000. Finally, Prudential Financial Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $95,000. 42.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

QBTS has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Up 13.8 %

Shares of D-Wave Quantum stock opened at $7.94 on Friday. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $11.95. The stock has a 50 day moving average price of $7.10 and a two-hundred day moving average price of $5.55. The stock has a market capitalization of $2.31 billion, a P/E ratio of -18.90 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $2.23 million. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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.