D-Wave Quantum Inc. (NYSE:QBTS) Receives $2.88 Consensus PT from Brokerages

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

QBTS has been the topic of several recent research reports. B. Riley boosted their price target 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. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Westpark Capital reaffirmed a “buy” rating and set a $3.00 price target on shares of D-Wave Quantum in a research report on Friday, August 9th. Benchmark decreased their price target on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Roth Mkm cut their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th.

D-Wave Quantum Trading Up 10.2 %

NYSE:QBTS opened at $3.02 on Wednesday. The firm’s fifty day simple moving average is $1.38 and its 200 day simple moving average is $1.18. D-Wave Quantum has a twelve month low of $0.68 and a twelve month high of $3.77. The firm has a market capitalization of $676.51 million, a price-to-earnings ratio of -7.19 and a beta of 0.96.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of the business. State Street Corp grew its holdings in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new stake in D-Wave Quantum in the second quarter valued at $28,000. Instrumental Wealth LLC boosted its holdings in shares of D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after acquiring an additional 25,067 shares during the period. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the second quarter worth about $45,000. Finally, SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $42,000. Institutional investors 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.