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

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

Several other research firms also recently weighed in on QBTS. B. Riley started coverage on D-Wave Quantum in a research report on Thursday, July 25th. They set a “buy” rating and a $3.00 target price on the stock. Westpark Capital reiterated a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 9th. Roth Mkm decreased their target price on shares of 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. Finally, Benchmark dropped their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $2.63.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $1.44 on Friday. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $2.44. The company’s fifty day simple moving average is $1.11 and its 200-day simple moving average is $1.11. The stock has a market capitalization of $290.06 million, a PE ratio of -3.43 and a beta of 0.96.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of the stock. Carroll Investors Inc grew its stake in D-Wave Quantum by 44.7% during the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock valued at $62,000 after acquiring an additional 9,415 shares in the last quarter. State Street Corp grew its position 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 in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum during the second quarter valued at about $28,000. Instrumental Wealth LLC increased its holdings in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the last quarter. Finally, Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum in the second quarter worth about $45,000. 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.