Needham & Company LLC Increases D-Wave Quantum (NYSE:QBTS) Price Target to $13.00

D-Wave Quantum (NYSE:QBTS) had its price target lifted by Needham & Company LLC from $8.50 to $13.00 in a report published on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. 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 report on Friday, March 14th. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, B. Riley lifted 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 note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $9.17.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $11.10 on Friday. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of -26.43 and a beta of 0.90. The firm’s 50 day simple moving average is $7.41 and its 200-day simple moving average is $5.78. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $11.95.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analysts’ expectations of $10.50 million. 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

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Deutsche Bank AG raised its stake in D-Wave Quantum by 103.6% in the 1st quarter. Deutsche Bank AG now owns 150,509 shares of the company’s stock valued at $1,144,000 after purchasing an additional 76,603 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of D-Wave Quantum during the first quarter worth $6,883,000. Chicago Partners Investment Group LLC acquired a new stake in shares of D-Wave Quantum in the first quarter valued at about $92,000. Charles Schwab Investment Management Inc. raised its position in shares of D-Wave Quantum by 69.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 544,956 shares of the company’s stock valued at $4,142,000 after buying an additional 223,672 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after buying an additional 4,166,721 shares in the last quarter. 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.