D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price objective hoisted by research analysts at B. Riley from $9.00 to $11.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's price objective would suggest a potential upside of 70.67% from the company's previous close.
Other equities research analysts also recently issued research reports about the company. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm raised 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. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of "Buy" and a consensus target price of $6.71.
Check Out Our Latest Stock Report on QBTS
QBTS stock traded down $0.06 during midday trading on Friday, reaching $6.45. The stock had a trading volume of 37,620,199 shares, compared to its average volume of 86,782,070. The firm has a fifty day simple moving average of $6.56 and a two-hundred day simple moving average of $3.11. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.41. The stock has a market cap of $1.73 billion, a PE ratio of -15.32 and a beta of 1.10.
In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last three months. Company insiders own 7.22% of the company's stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the fourth quarter valued at $38,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the 3rd quarter valued at about $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the 3rd quarter worth about $49,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the 4th quarter worth about $67,000. Finally, Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the 4th quarter worth approximately $84,000. Hedge funds and other institutional investors own 42.47% of the company's stock.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Before you consider D-Wave Quantum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and D-Wave Quantum wasn't on the list.
While D-Wave Quantum currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.