B. Riley Issues Positive Forecast for D-Wave Quantum (NYSE:QBTS) Stock Price

D-Wave Quantum (NYSE:QBTS) had its target price upped by equities researchers at B. Riley from $9.00 to $11.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 70.67% from the company’s previous close.

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

D-Wave Quantum Trading Down 0.8 %

QBTS stock traded down $0.06 during mid-day trading on Friday, reaching $6.45. The company’s stock had a trading volume of 37,620,199 shares, compared to its average volume of 86,782,070. The company’s 50 day moving average is $6.56 and its two-hundred day moving average is $3.11. D-Wave Quantum has a fifty-two week low of $0.75 and a fifty-two 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.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on 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. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Price T Rowe Associates Inc. MD grew its stake in shares of D-Wave Quantum by 34.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,270 shares of the company’s stock valued at $322,000 after buying an additional 9,856 shares in the last quarter. MetLife Investment Management LLC purchased a new position in D-Wave Quantum during the 4th quarter valued at about $497,000. NewEdge Advisors LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at about $163,000. EAM Investors LLC purchased a new stake in D-Wave Quantum during the fourth quarter worth about $1,126,000. Finally, Insigneo Advisory Services LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $147,000. Hedge funds and other institutional investors 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.