Needham & Company LLC Reiterates "Buy" Rating for D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating restated by research analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $2.25 price target on the stock. Needham & Company LLC's price target would indicate a potential upside of 37.14% from the company's previous close.

Several other analysts have also recently issued reports on the company. Westpark Capital reissued a "buy" rating and issued a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Benchmark dropped their price target on D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Roth Mkm decreased their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. Finally, B. Riley started coverage on shares of D-Wave Quantum in a research report on Thursday, July 25th. They set a "buy" rating and a $3.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $2.63.

D-Wave Quantum Trading Down 12.3 %

Shares of NYSE:QBTS traded down $0.23 during trading on Friday, reaching $1.64. 12,149,026 shares of the company traded hands, compared to its average volume of 4,482,686. D-Wave Quantum has a 52-week low of $0.68 and a 52-week high of $2.44. The business's fifty day moving average is $1.08 and its 200-day moving average is $1.12. The firm has a market capitalization of $330.48 million, a price-to-earnings ratio of -3.91 and a beta of 0.96.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock worth $2,183,000 after purchasing an additional 162,688 shares in the last quarter. Carroll Investors Inc increased its position in shares of D-Wave Quantum by 44.7% during the first quarter. Carroll Investors Inc now owns 30,485 shares of the company's stock valued at $62,000 after acquiring an additional 9,415 shares in the last quarter. Virtu Financial LLC raised its holdings in D-Wave Quantum by 217.0% in the 1st quarter. Virtu Financial LLC now owns 124,689 shares of the company's stock worth $254,000 after acquiring an additional 85,351 shares during the last quarter. Instrumental Wealth LLC purchased a new stake in D-Wave Quantum during the 1st quarter valued at $60,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum in the second quarter worth $28,000. 42.47% of the stock is owned by institutional investors.

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.