B. Riley Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTSGet Free Report) had its target price upped by analysts at B. Riley from $11.00 to $12.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price target points to a potential upside of 17.82% from the company’s previous close.

Other analysts also recently issued reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research report on Friday. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Craig Hallum increased 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 data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $8.42.

Check Out Our Latest Research Report on D-Wave Quantum

D-Wave Quantum Price Performance

NYSE:QBTS opened at $10.19 on Friday. The firm’s 50-day moving average price is $6.07 and its 200-day moving average price is $3.88. The company has a market capitalization of $2.74 billion, a PE ratio of -24.25 and a beta of 1.12. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.41.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,071,206 shares of company stock worth $53,438,181. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in the business. Summit Investment Advisors Inc. lifted its stake in shares of D-Wave Quantum by 20.6% in the 4th 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 stake in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. lifted its stake in shares of D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after purchasing an additional 2,342 shares during the period. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum in the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after purchasing an additional 3,660 shares during the period. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

(Get Free Report)

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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