D-Wave Quantum (NYSE:QBTS) Price Target Raised to $12.00 at B. Riley

D-Wave Quantum (NYSE:QBTS) had its price target raised by analysts at B. Riley from $11.00 to $12.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price would indicate a potential upside of 74.04% from the company’s previous close.

A number of other equities analysts have also recently issued reports on QBTS. Roth Mkm increased their target price on 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 set a $8.00 target price on shares of D-Wave Quantum in a report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a report on Friday. Finally, Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company 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 stock has a consensus rating of “Buy” and an average price target of $7.92.

D-Wave Quantum Trading Up 18.5 %

QBTS stock opened at $6.90 on Friday. The stock has a 50-day moving average price of $6.05 and a two-hundred day moving average price of $3.80. The stock has a market cap of $1.86 billion, a PE ratio of -16.42 and a beta of 1.12. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41.

Insider Activity at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’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. In the last ninety days, insiders sold 11,071,206 shares of company stock worth $53,438,181. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its position in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.