D-Wave Quantum (NYSE:QBTS) Price Target Raised to $13.00

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price target upped by equities research analysts at Needham & Company LLC from $8.50 to $13.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 23.52% from the company's previous close.

QBTS has been the subject of a number of other reports. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Benchmark restated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Roth Mkm boosted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $9.17.

D-Wave Quantum Price Performance

QBTS stock opened at $10.53 on Friday. The company's 50-day moving average is $7.29 and its 200-day moving average is $5.71. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.95. The stock has a market capitalization of $3.07 billion, a PE ratio of -25.06 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. On average, analysts anticipate that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. increased its holdings in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the period. Bank of America Corp DE lifted its position in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the period. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $20,258,000. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after purchasing an additional 2,253,741 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares during the period. 42.47% of the stock is currently owned by institutional investors.

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.

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