D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Recommendation of “Buy” from Brokerages

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been given an average recommendation of “Buy” by the six analysts that are covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $2.88.

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

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after purchasing an additional 162,688 shares during the last quarter. Virtu Financial LLC lifted its stake in shares of D-Wave Quantum by 217.0% in the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock worth $254,000 after buying an additional 85,351 shares in the last quarter. Instrumental Wealth LLC purchased a new stake in shares of D-Wave Quantum during the first quarter valued at approximately $60,000. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $28,000. Finally, Bank of New York Mellon Corp purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $251,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $2.99 on Wednesday. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $3.77. The firm has a market cap of $669.79 million, a P/E ratio of -7.12 and a beta of 1.79. The business’s 50 day moving average price is $1.46 and its 200-day moving average price is $1.21.

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.