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

Needham & Company LLC reiterated their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research note released on Friday,Benzinga reports. The brokerage currently has a $8.50 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Craig Hallum boosted their price target 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. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday. Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley boosted their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

QBTS opened at $10.19 on Friday. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -24.25 and a beta of 1.12. The firm’s fifty day moving average price is $6.07 and its two-hundred day moving average price is $3.91.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s 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 $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $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. Insiders have sold 11,071,206 shares of company stock valued at $53,438,181 in the last 90 days. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $67,000. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. grew its stake in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 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.