B. Riley Raises Price Target for D-Wave Quantum to $12.00

Analysts at B. Riley have increased their target price for D-Wave Quantum (NYSE: QBTS) from $11.00 to $12.00 according to a research note shared with investors on Friday. The firm has assigned a "buy" rating to the stock, indicating confidence in its growth potential. This revised price target suggests a possible upside of 74.04% from the current trading price of the shares.

D-Wave Quantum Price Reactions:

• D-Wave Quantum's stock has experienced notable fluctuations, often responding positively to news related to advancements in quantum technology.

Several other analysts have also made adjustments to their price targets for D-Wave Quantum. For instance, Craig Hallum raised its target from $2.50 to $9.00 with a "buy" rating on December 20th. Similarly, Roth MKM lifted its price target from $3.00 to $7.00 on December 12th, also giving the stock a "buy" rating. Additionally, Needham & Company reaffirmed a "buy" recommendation, setting a target price of $8.50. Benchmark also reiterated a "buy" rating with an $8.00 target. Overall, data from MarketBeat indicates that six analysts have rated D-Wave Quantum as a buy, resulting in an average rating of "Buy" and a consensus target price of $7.92.

D-Wave Quantum Stock Performance

As of Friday, D-Wave Quantum's shares opened at $6.90. The company has a market capitalization of $1.86 billion and a price-to-earnings ratio of -16.42, reflecting the challenges that the company currently faces. Over the past year, the stock has seen a low of $0.75 and a high of $11.41. The 50-day and 200-day simple moving averages stand at $6.05 and $3.80, respectively.

Insider Transactions

In recent transactions involving company insiders, major shareholder Sector Pension Investme Public sold 2,778,564 shares on January 10, realizing a total of approximately $17 million. This sale represented a 6.94% reduction in their holdings, leaving them with a total of about 37.3 million shares valued at over $228 million. In another transaction, CEO Alan E. Baratz sold 8,372 shares on January 23 at an average price of $5.27, amounting to roughly $44,120. This sale was a minor reduction in his stake, leaving him with about 2.34 million shares valued at approximately $12.34 million. In total, insiders sold about 11 million shares in the last quarter, which accounted for 7.22% of the stock owned by them.

Institutional Investment Activity

Recently, several institutional investors have altered their holdings in D-Wave Quantum. Notably, Fourth Dimension Wealth LLC and PNC Financial Services Group acquired new stakes in the fourth quarter, alongside Heritage Wealth Advisors and Kingsview Wealth Management. Summit Investment Advisors also increased its ownership by 20.6% during this period, now owning a total of 10,347 shares valued at $87,000. Collectively, institutional investors and hedge funds own approximately 42.47% of the company's stock.

About D-Wave Quantum

D-Wave Quantum Inc. is a pioneer in the development of quantum computing systems, software, and services globally. The company provides various products, including its fifth-generation quantum computer named Advantage, a suite of open-source python tools called Ocean, and a cloud-based service known as Leap that grants real-time access to its quantum computing technologies.

Exploring Investment Options

Before making any investment decisions regarding D-Wave Quantum, investors are encouraged to conduct thorough research and consider all variables impacting the market. While D-Wave Quantum has garnered a "buy" rating, analysts also see potential in other stocks that may offer favorable investment opportunities.

This article has used information gathered from various reliable sources to provide a well-rounded overview of the current position of D-Wave Quantum in the market.

D-Wave, Quantum, Stocks