Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $2.88

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $2.88.

QBTS has been the subject of a number of research reports. B. Riley raised their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark lowered their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Westpark Capital reiterated a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. Roth Mkm decreased their price target on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $3.02 on Wednesday. The company has a market cap of $676.51 million, a price-to-earnings ratio of -7.19 and a beta of 0.96. The stock has a fifty day moving average price of $1.38 and a two-hundred day moving average price of $1.19. D-Wave Quantum has a 52-week low of $0.68 and a 52-week high of $3.77.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp boosted its holdings in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in D-Wave Quantum during the 2nd quarter worth approximately $28,000. Instrumental Wealth LLC boosted its stake in D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter valued at approximately $45,000. Finally, SG Americas Securities LLC bought a new stake in D-Wave Quantum in the third quarter valued at approximately $42,000. 42.47% of the stock is owned by institutional investors.

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.