B. Riley Boosts D-Wave Quantum (NYSE:QBTS) Price Target to $9.00

D-Wave Quantum (NYSE:QBTS) had its price objective increased by research analysts at B. Riley from $4.50 to $9.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s target price points to a potential upside of 117.92% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday. Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 7.8 %

Shares of NYSE:QBTS traded up $0.30 during trading on Tuesday, hitting $4.13. 77,871,001 shares of the company were exchanged, compared to its average volume of 92,713,438. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -9.83 and a beta of 1.16. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $11.41. The firm has a fifty day moving average price of $4.89 and a two-hundred day moving average price of $2.38.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction that occurred 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 document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 over the last 90 days. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its position in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $820,000. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. State Street Corp lifted its position in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Finally, Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 23.0% during the third 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. 42.47% of the stock is currently 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.