B. Riley Increases D-Wave Quantum (NYSE:QBTS) Price Target to $4.50

D-Wave Quantum (NYSE:QBTS) had its price target raised by equities researchers at B. Riley from $3.75 to $4.50 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target suggests a potential upside of 52.54% from the stock’s previous close.

Several other research analysts have also commented on the company. Roth Mkm cut their price target 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. 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 report on Monday, August 12th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Westpark Capital reissued a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Trading Up 0.7 %

NYSE:QBTS traded up $0.02 during midday trading on Monday, hitting $2.95. 71,761,563 shares of the company were exchanged, compared to its average volume of 5,400,389. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $3.77. The company has a market capitalization of $660.83 million, a PE ratio of -7.05 and a beta of 0.96. The company has a fifty day simple moving average of $1.19 and a 200 day simple moving average of $1.13.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of D-Wave Quantum during the 2nd quarter worth $28,000. Instrumental Wealth LLC grew its stake in shares of D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the period. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $45,000. Finally, SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at about $42,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.