D-Wave Quantum (NYSE:QBTS) Price Target Raised to $11.00 at B. Riley

D-Wave Quantum (NYSE:QBTS) had its price target boosted by B. Riley from $9.00 to $11.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

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

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $6.38 on Friday. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41. The company’s 50-day moving average is $6.56 and its two-hundred day moving average is $3.11.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 5,582 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 transaction of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $20,258,000. Penserra Capital Management LLC grew 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of 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 worth $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $2,087,000. 42.47% of the stock is owned by institutional investors.

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.