D-Wave Quantum (NYSE:QBTS) Stock Price Expected to Rise, B. Riley Analyst Says

D-Wave Quantum (NYSE:QBTS) had its price target lifted by investment analysts at B. Riley from $9.00 to $11.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target would indicate a potential upside of 72.52% from the company’s current price.

QBTS has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Roth Mkm lifted their price target 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 price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $6.38 on Friday. The company’s fifty day simple moving average is $6.59 and its 200-day simple moving average is $3.15. The stock has a market capitalization of $1.72 billion, a PE ratio of -15.18 and a beta of 1.10. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.41.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the business’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 $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,152,665 shares of company stock valued at $92,096,075. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the 4th quarter valued at about $38,000. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $49,000. Heritage Wealth Advisors bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $67,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

About D-Wave Quantum

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.