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

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $2.25 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 37.20% from the stock’s previous close.

A number of other research analysts have also recently weighed in on QBTS. Benchmark reduced their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Roth Mkm decreased their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. Finally, B. Riley started coverage on shares of D-Wave Quantum in a research report on Thursday, July 25th. They set a “buy” rating and a $3.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $2.63.

D-Wave Quantum Trading Down 12.3 %

Shares of QBTS opened at $1.64 on Friday. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $2.44. The company’s fifty day moving average is $1.10 and its two-hundred day moving average is $1.12.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Carroll Investors Inc raised its stake in shares of D-Wave Quantum by 44.7% during the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock valued at $62,000 after purchasing an additional 9,415 shares during the period. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in D-Wave Quantum in the 2nd quarter worth $28,000. Instrumental Wealth LLC boosted its position in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after buying an additional 25,067 shares during the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the second quarter valued at about $45,000. 42.47% of the stock is 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.