D-Wave Quantum Inc. (NYSE:QBTS) Receives $2.88 Average PT from Brokerages

D-Wave Quantum Inc. (NYSE:QBTS) has been given a consensus recommendation of “Buy” by the six ratings firms that are presently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have covered the stock in the last year is $2.88.

Several equities analysts recently commented on QBTS shares. Benchmark reduced their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a report on Monday, August 12th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm lowered their price target on 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. Westpark Capital reiterated a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Finally, B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th.

D-Wave Quantum Trading Up 10.2 %

QBTS opened at $3.02 on Wednesday. The business has a 50 day moving average of $1.38 and a 200-day moving average of $1.19. The stock has a market capitalization of $676.51 million, a price-to-earnings ratio of -7.19 and a beta of 0.96. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $3.77.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC grew its position in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. State Street Corp grew its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Penserra Capital Management LLC increased its position 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 purchasing an additional 839,942 shares in the last quarter. Finally, Bogart Wealth LLC bought a new position in D-Wave Quantum during the 3rd quarter valued at about $49,000. Institutional investors 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.