D-Wave Quantum (NYSE:QBTS) Price Target Raised to $12.00 at B. Riley

D-Wave Quantum (NYSE:QBTS) had its target price upped by analysts at B. Riley from $11.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price objective would suggest a potential upside of 74.04% from the company’s current price.

A number of other equities research analysts have also commented on QBTS. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday. Finally, Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and a consensus target price of $7.92.

D-Wave Quantum Price Performance

NYSE QBTS opened at $6.90 on Friday. The firm has a market cap of $1.86 billion, a PE ratio of -16.42 and a beta of 1.12. D-Wave Quantum has a one year low of $0.75 and a one year high of $11.41. The stock’s 50 day simple moving average is $6.05 and its 200 day simple moving average is $3.80.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their position. The transaction was disclosed in a 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 stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $26,000. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $38,000. Heritage Wealth Advisors bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $67,000. Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $84,000. Finally, Summit Investment Advisors Inc. increased its position in shares of D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. 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.