D-Wave Quantum (NYSE:QBTS) Price Target Raised to $12.00

D-Wave Quantum (NYSE:QBTSFree Report) had its target price boosted by B. Riley from $11.00 to $12.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday. Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a report on Friday. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $8.42.

View Our Latest Stock Report on D-Wave Quantum

D-Wave Quantum Stock Up 47.4 %

NYSE:QBTS opened at $10.19 on Friday. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.41. The stock’s fifty day moving average is $6.07 and its two-hundred day moving average is $3.91. The company has a market capitalization of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’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 disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock worth $53,438,181 over the last three months. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the period. Invesco Ltd. lifted its position in D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. boosted its holdings in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after purchasing an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of D-Wave Quantum by 38.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after buying an additional 3,660 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

About D-Wave Quantum

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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.

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Analyst Recommendations for D-Wave Quantum (NYSE:QBTS)

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