D-Wave Quantum (NYSE:QBTS) Price Target Raised to $12.00

D-Wave Quantum (NYSE:QBTS) had its price target lifted by B. Riley from $11.00 to $12.00 in a research note published on Friday,Benzinga reports. B. Riley currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday. Finally, Roth Mkm raised 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 report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Trading Up 47.4 %

QBTS stock opened at $10.19 on Friday. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.41. The company has a market capitalization of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12. The firm has a 50 day simple moving average of $6.07 and a 200-day simple moving average of $3.86.

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 8,372 shares of the 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 sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now directly owns 37,278,688 shares of the company’s stock, valued at $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock valued at $53,438,181 over the last 90 days. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Bank of America Corp DE increased its stake in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the period. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 33.8% in the third 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 during the period. 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.