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

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its target price raised by equities researchers at B. Riley from $9.00 to $11.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley's target price would suggest a potential upside of 82.88% from the stock's previous close.

QBTS has been the subject of several other research reports. 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 note on Friday, December 20th. 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. Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $6.71.

D-Wave Quantum Stock Down 5.6 %

QBTS stock traded down $0.36 during trading on Friday, hitting $6.02. The company had a trading volume of 53,730,144 shares, compared to its average volume of 86,248,023. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.41. The company has a 50 day simple moving average of $6.62 and a 200-day simple moving average of $3.21. The firm has a market capitalization of $1.62 billion, a P/E ratio of -14.32 and a beta of 1.10.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 over the last 90 days. Corporate insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the fourth quarter worth $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the fourth quarter worth $38,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the third quarter worth $42,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum in the third quarter worth $49,000. Finally, Heritage Wealth Advisors purchased a new position in D-Wave Quantum in the fourth quarter worth $67,000. 42.47% of the stock is owned by hedge funds and other 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.