D-Wave Quantum (NYSE:QBTS) Price Target Raised to $9.00

D-Wave Quantum (NYSE:QBTS) had its price target lifted by B. Riley from $4.50 to $9.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 0.1 %

QBTS opened at $5.79 on Tuesday. The firm’s fifty day simple moving average is $5.06 and its 200 day simple moving average is $2.43. The stock has a market capitalization of $1.56 billion, a P/E ratio of -13.80 and a beta of 1.16. D-Wave Quantum has a 12 month low of $0.68 and a 12 month high of $11.41.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 20,138,711 shares of company stock valued at $92,022,537. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Marshall Wace LLP bought a new position in D-Wave Quantum during the second quarter worth $265,000. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum in the second quarter valued at $251,000. Finally, Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum in the second quarter valued at about $163,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.