D-Wave Quantum Inc. (NYSE:QBTS) Given Consensus Rating of “Buy” by Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has been assigned an average recommendation of “Buy” from the six analysts that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have covered the stock in the last year is $2.88.

Several brokerages have commented on QBTS. Westpark Capital restated a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Benchmark lowered their target price on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm lowered their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday.

D-Wave Quantum Price Performance

NYSE:QBTS opened at $2.70 on Wednesday. The company has a market cap of $604.83 million, a P/E ratio of -6.43 and a beta of 0.96. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $3.77. The stock’s fifty day moving average price is $1.27 and its two-hundred day moving average price is $1.15.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the company. State Street Corp lifted its stake in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum in the second quarter worth about $28,000. Instrumental Wealth LLC lifted its stake in shares of 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 acquiring an additional 25,067 shares during the last quarter. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the 2nd quarter valued at about $45,000. Finally, SG Americas Securities LLC bought a new position in D-Wave Quantum during the 3rd quarter worth approximately $42,000. 42.47% of the stock is owned by hedge funds and other 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.