D-Wave Quantum’s (QBTS) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a report published on Friday,Benzinga reports. The firm currently has a $8.50 price target on the stock.

Several other equities analysts have also weighed in on QBTS. B. Riley increased their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report 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 increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Performance

QBTS opened at $10.19 on Friday. The firm has a market cap of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12. The firm has a 50-day moving average of $6.07 and a 200 day moving average of $3.86. D-Wave Quantum has a fifty-two week low of $0.75 and a fifty-two week high of $11.41.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the transaction, the insider now directly owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. raised its stake in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. 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.