Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $2.88

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been given an average rating of “Buy” by the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued a report on the stock in the last year is $2.88.

Several brokerages recently commented on QBTS. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark dropped their price target on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Westpark Capital reiterated a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Finally, Roth Mkm cut their price target on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Barclays PLC boosted its position in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% during 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. Penserra Capital Management LLC increased its holdings in shares of 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 buying an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum in the 3rd quarter worth $49,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 10.2 %

QBTS stock opened at $3.02 on Wednesday. The stock has a market cap of $676.51 million, a P/E ratio of -7.19 and a beta of 0.96. D-Wave Quantum has a twelve month low of $0.68 and a twelve month high of $3.77. The company’s 50 day moving average is $1.38 and its two-hundred day moving average is $1.18.

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.