D-Wave Quantum (NYSE:QBTS) Given New $13.00 Price Target at Needham & Company LLC

D-Wave Quantum (NYSE:QBTS) had its price objective boosted by Needham & Company LLC from $8.50 to $13.00 in a research note issued to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Finally, 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 report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $9.17.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $11.10 on Friday. The company has a market cap of $3.23 billion, a PE ratio of -26.43 and a beta of 0.90. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.95. The firm’s 50 day moving average price is $7.41 and its 200-day moving average price is $5.78.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts’ expectations of $10.50 million. On average, analysts forecast 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 and other institutional investors have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Signaturefd LLC increased its holdings in D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after buying an additional 2,971 shares during the period. Amalgamated Bank raised its position in D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after buying an additional 3,266 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in D-Wave Quantum by 231.0% during the 1st quarter. IFP Advisors Inc now owns 6,620 shares of the company’s stock valued at $50,000 after acquiring an additional 4,620 shares during the period. 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.