D-Wave Quantum (NYSE:QBTS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $2.25 price target on the stock.

A number of other research firms also recently issued reports on QBTS. B. Riley assumed coverage on shares of D-Wave Quantum in a research report on Thursday, July 25th. They set a “buy” rating and a $3.00 price target for the company. Roth Mkm reduced their price objective 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. Westpark Capital reissued a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Finally, Benchmark cut 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. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and an average target price of $2.63.

D-Wave Quantum Stock Down 12.3 %

Shares of NYSE QBTS traded down $0.23 during midday trading on Friday, hitting $1.64. The company had a trading volume of 13,244,519 shares, compared to its average volume of 11,947,916. The firm has a market capitalization of $330.35 million, a price-to-earnings ratio of -3.89 and a beta of 0.96. D-Wave Quantum has a twelve month low of $0.68 and a twelve month high of $2.44. The business has a 50-day simple moving average of $1.10 and a two-hundred day simple moving average of $1.12.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QBTS. Carroll Investors Inc grew its position in shares of D-Wave Quantum by 44.7% in the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock valued at $62,000 after purchasing an additional 9,415 shares during the period. State Street Corp grew its holdings in D-Wave Quantum by 0.9% in 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. Baader Bank Aktiengesellschaft acquired a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $28,000. Instrumental Wealth LLC increased its stake in shares of D-Wave Quantum by 85.9% during the 2nd 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 last quarter. Finally, Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the second quarter worth approximately $45,000. Institutional investors and hedge funds 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.