D-Wave Quantum (NYSE:QBTS) Stock Price Expected to Rise, B. Riley Analyst Says

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price target hoisted by research analysts at B. Riley from $4.50 to $9.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley's price objective would suggest a potential upside of 89.47% from the stock's previous close.

Several other brokerages have also recently weighed in on QBTS. Benchmark restated a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday. Roth Mkm upped their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $6.38.

D-Wave Quantum Trading Up 24.0 %

Shares of D-Wave Quantum stock traded up $0.92 during trading on Tuesday, reaching $4.75. The stock had a trading volume of 139,682,431 shares, compared to its average volume of 100,537,969. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -11.31 and a beta of 1.16. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $11.41. The stock has a fifty day moving average price of $4.97 and a two-hundred day moving average price of $2.41.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Company insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake in 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 in the last quarter. Sovereign Financial Group Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $179,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $45,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $42,000. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $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.