Shares of D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) saw strong trading volume on Friday after B. Riley raised their price target on the stock from $11.00 to $12.00. B. Riley currently has a buy rating on the stock. 70,861,464 shares changed hands during trading, a decline of 8% from the previous session’s volume of 76,752,141 shares.The stock last traded at $9.28 and had previously closed at $6.91.
QBTS has been the topic of several other research reports. Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Friday. Finally, Craig Hallum upped their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $7.92.
Get Our Latest Stock Analysis on D-Wave Quantum
Insiders Place Their Bets
Hedge Funds Weigh In On D-Wave Quantum
Large investors have recently modified their holdings of the stock. Penserra Capital Management LLC increased its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. State Street Corp increased its stake in shares of D-Wave Quantum by 0.9% in the 3rd 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 during the period. Barclays PLC increased its stake in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the period. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $820,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.
D-Wave Quantum Stock Up 38.9 %
The firm has a fifty day moving average of $6.05 and a 200-day moving average of $3.80. The firm has a market cap of $2.58 billion, a P/E ratio of -22.84 and a beta of 1.12.
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.
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