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

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They presently have a $2.25 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 37.20% from the stock’s previous close.

QBTS has been the subject of several other reports. Benchmark lowered their price objective on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a report on Monday, August 12th. B. Riley started coverage on D-Wave Quantum in a research report on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price for the company. Westpark Capital reissued a “buy” rating and set a $3.00 price target on shares of D-Wave Quantum in a research report on Friday, August 9th. Finally, Roth Mkm decreased their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $2.63.

D-Wave Quantum Price Performance

Shares of QBTS stock opened at $1.64 on Friday. The firm has a fifty day moving average of $1.10 and a two-hundred day moving average of $1.12. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $2.44.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $265,000. Bank of New York Mellon Corp bought a new stake in D-Wave Quantum in the 2nd quarter valued at about $251,000. Finally, Vanguard Group Inc. boosted its stake in D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after purchasing an additional 162,688 shares during the period. 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.