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

D-Wave Quantum (NYSE:QBTS) had its price target upped by B. Riley from $11.00 to $12.00 in a report issued on Friday,Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other research firms have also recently issued reports on QBTS. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Friday. Finally, Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Price Performance

D-Wave Quantum stock opened at $10.19 on Friday. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.41. The stock has a market capitalization of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12. The firm’s 50-day moving average is $6.07 and its two-hundred day moving average is $3.86.

Insider Activity at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,071,206 shares of company stock worth $53,438,181. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. grew its position in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. 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.