Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $6.38

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have earned an average rating of “Buy” from the six research firms that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average 1 year price target among brokerages that have covered the stock in the last year is $6.38.

A number of equities analysts recently issued reports on the stock. Roth Mkm raised their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Finally, B. Riley raised their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th.

D-Wave Quantum Stock Performance

QBTS stock opened at $5.28 on Thursday. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -12.56 and a beta of 1.16. The business’s 50-day moving average is $5.22 and its two-hundred day moving average is $2.48. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $11.41.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last 90 days. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently bought and sold shares of the stock. Veracity Capital LLC purchased a new stake in D-Wave Quantum in the 4th quarter worth $228,000. Traynor Capital Management Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $219,000. Arkadios Wealth Advisors bought a new position in D-Wave Quantum during the fourth quarter valued at approximately $162,000. Sovereign Financial Group Inc. purchased a new position in D-Wave Quantum during the 4th quarter valued at approximately $179,000. Finally, Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum in the 4th quarter worth approximately $820,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.