D-Wave Quantum (NYSE:QBTS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research report sent to investors on Friday morning,Benzinga reports. They currently have a $8.50 target price on the stock.

Other equities research analysts have also issued reports about the stock. B. Riley upped their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday. Finally, Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Stock Performance

NYSE:QBTS opened at $10.19 on Friday. The firm’s fifty day moving average is $6.07 and its 200-day moving average is $3.86. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.41. The firm has a market cap of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock worth $53,438,181 in the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Summit Investment Advisors Inc. raised its holdings 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 buying an additional 1,766 shares during the last quarter. Invesco Ltd. raised its holdings in shares of D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after purchasing an additional 2,051 shares during the last quarter. Corebridge Financial Inc. raised its holdings in shares of D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after purchasing an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of D-Wave Quantum by 38.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after purchasing an additional 3,660 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.