D-Wave Quantum (NYSE:QBTS) Price Target Raised to $11.00

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price objective boosted by stock analysts at B. Riley from $9.00 to $11.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley's price objective would suggest a potential upside of 72.52% from the company's current price.

QBTS has been the topic of several other reports. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Finally, Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $6.71.

D-Wave Quantum Price Performance

QBTS traded down $0.12 during mid-day trading on Friday, hitting $6.38. The stock had a trading volume of 52,042,809 shares, compared to its average volume of 91,239,728. The stock's fifty day simple moving average is $6.59 and its 200-day simple moving average is $3.18. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -15.18 and a beta of 1.10. 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, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares of the company's stock, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter worth about $38,000. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth about $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth about $49,000. Heritage Wealth Advisors bought a new stake in shares of D-Wave Quantum during the 4th quarter worth about $67,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter worth about $84,000. 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.