D-Wave Quantum (NYSE:QBTS) Price Target Raised to $11.00

D-Wave Quantum (NYSE:QBTS) had its target price raised by B. Riley from $9.00 to $11.00 in a research report released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Trading Down 1.9 %

Shares of NYSE:QBTS opened at $6.38 on Friday. 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. The firm has a fifty day moving average price of $6.59 and a 200 day moving average price of $3.16.

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 transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now 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 the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock worth $92,096,075 over the last ninety days. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in QBTS. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $38,000. SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at about $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter worth about $49,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the fourth quarter worth about $67,000. Finally, Kingsview Wealth Management LLC acquired a new position in D-Wave Quantum in the fourth quarter worth about $84,000. 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.