B. Riley Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS) had its price target upped by stock analysts at B. Riley from $3.75 to $4.50 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s target price would indicate a potential upside of 52.54% from the company’s current price.

Several other research firms also recently weighed in on QBTS. Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark lowered their price objective on 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. Finally, Roth Mkm cut their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Trading Up 0.7 %

Shares of QBTS traded up $0.02 during mid-day trading on Monday, hitting $2.95. The company’s stock had a trading volume of 71,761,563 shares, compared to its average volume of 5,400,389. The firm has a market capitalization of $660.83 million, a price-to-earnings ratio of -7.05 and a beta of 0.96. The company’s 50-day moving average is $1.19 and its 200-day moving average is $1.13. D-Wave Quantum has a 52-week low of $0.68 and a 52-week high of $3.77.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. lifted its holdings in D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after buying an additional 162,688 shares in the last quarter. Virtu Financial LLC raised its stake in shares of D-Wave Quantum by 217.0% in the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock valued at $254,000 after acquiring an additional 85,351 shares in the last quarter. Squarepoint Ops LLC purchased a new position in D-Wave Quantum in the second quarter valued at $163,000. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum during the 2nd quarter worth about $251,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.