D-Wave Quantum (NYSE:QBTS) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research report report published on Friday,Benzinga reports. Needham & Company LLC currently has a $8.50 price objective on the stock.

A number of other research analysts have also recently commented on the company. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley increased their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Price Performance

QBTS stock opened at $10.19 on Friday. The firm has a 50 day simple moving average of $6.07 and a two-hundred day simple moving average of $3.91. The stock has a market cap of $2.74 billion, a PE ratio of -24.25 and a beta of 1.12. D-Wave Quantum has a one year low of $0.75 and a one year high of $11.41.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock worth $53,438,181 in the last ninety days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Penserra Capital Management LLC grew its holdings in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after acquiring an additional 418,468 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. 42.47% of the stock is owned by hedge funds and other 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.