Raymond James Financial Inc. Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Raymond James Financial Inc. acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 248,473 shares of the company's stock, valued at approximately $2,087,000. Raymond James Financial Inc. owned about 0.09% of D-Wave Quantum as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at $38,000. Heritage Wealth Advisors purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at $84,000. Spire Wealth Management purchased a new position in D-Wave Quantum in the fourth quarter valued at about $90,000. Finally, Prudential Financial Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at about $95,000. Institutional investors own 42.47% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on QBTS shares. Needham & Company LLC restated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Benchmark reiterated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Finally, Roth Mkm upped their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Stock Up 0.9 %

D-Wave Quantum stock traded up $0.06 during trading hours on Thursday, hitting $6.97. The stock had a trading volume of 20,232,450 shares, compared to its average volume of 34,564,145. The company has a 50-day moving average of $7.04 and a two-hundred day moving average of $5.43. The company has a market cap of $2.03 billion, a PE ratio of -16.60 and a beta of 0.88. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $11.95.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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.