D-Wave Quantum (NYSE:QBTS) Price Target Raised to $11.00

D-Wave Quantum (NYSE:QBTS) had its price objective hoisted by research analysts at B. Riley from $9.00 to $11.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective would suggest a potential upside of 70.67% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $6.71.

D-Wave Quantum Stock Performance

QBTS stock traded down $0.06 during midday trading on Friday, reaching $6.45. The stock had a trading volume of 37,620,199 shares, compared to its average volume of 86,782,070. The firm has a fifty day simple moving average of $6.56 and a two-hundred day simple moving average of $3.11. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.41. The stock has a market cap of $1.73 billion, a PE ratio of -15.32 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last three months. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the fourth quarter valued at $38,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the 3rd quarter valued at about $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the 3rd quarter worth about $49,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the 4th quarter worth about $67,000. Finally, Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the 4th quarter worth approximately $84,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.