D-Wave Quantum (NYSE:QBTS) Price Target Raised to $9.00

D-Wave Quantum (NYSE:QBTS) had its price target raised by B. Riley from $4.50 to $9.00 in a report published on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

QBTS has been the topic of a number of other reports. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum lifted their price target 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. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Up 24.0 %

QBTS stock opened at $4.75 on Tuesday. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $11.41. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -11.31 and a beta of 1.16. The business has a fifty day simple moving average of $4.97 and a 200-day simple moving average of $2.41.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the sale, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 20,138,711 shares of company stock valued at $92,022,537. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at approximately $179,000. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $45,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the 3rd quarter worth approximately $42,000. Finally, Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum in the 3rd quarter valued at approximately $49,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.