B. Riley Increases D-Wave Quantum (NYSE:QBTS) Price Target to $4.50

D-Wave Quantum (NYSE:QBTS) had its price target raised by B. Riley from $3.75 to $4.50 in a report released on Monday,Benzinga reports. B. Riley currently has a buy rating on the stock.

A number of other research analysts also recently commented on QBTS. Benchmark reduced their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm lowered their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Westpark Capital restated a “buy” rating and issued a $3.00 price target on shares of D-Wave Quantum in a research report on Friday, August 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $2.74 on Monday. The stock has a market capitalization of $613.79 million, a price-to-earnings ratio of -6.52 and a beta of 0.96. D-Wave Quantum has a one year low of $0.68 and a one year high of $3.77. The company’s 50-day simple moving average is $1.30 and its 200-day simple moving average is $1.16.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of QBTS. Baader Bank Aktiengesellschaft acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $28,000. Instrumental Wealth LLC bought a new position in D-Wave Quantum in the 1st quarter worth about $60,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $45,000. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum during the third quarter valued at approximately $42,000. Finally, Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the third quarter worth approximately $49,000. Institutional investors and hedge funds 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.