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

D-Wave Quantum (NYSE:QBTS) had its target price lifted by B. Riley from $4.50 to $9.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target would suggest a potential upside of 117.92% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on QBTS. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday. Finally, Roth Mkm lifted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Price Performance

QBTS traded up $0.30 during trading on Tuesday, hitting $4.13. The company had a trading volume of 77,871,001 shares, compared to its average volume of 92,713,438. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $11.41. The business has a 50-day moving average of $4.89 and a 200-day moving average of $2.38. The company has a market cap of $1.11 billion, a PE ratio of -9.83 and a beta of 1.16.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Sovereign Financial Group Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $179,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum in the second quarter valued at about $45,000. SG Americas Securities LLC bought a new stake in D-Wave Quantum in the third quarter valued at about $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter valued at about $49,000. Finally, Rhumbline Advisers acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth about $93,000. 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.