Craig Hallum Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS) had its price target hoisted by research analysts at Craig Hallum from $2.50 to $9.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s target price points to a potential upside of 39.75% from the stock’s current price.

Several other brokerages have also issued reports on QBTS. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley increased their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Trading Up 1.1 %

Shares of QBTS stock opened at $6.44 on Friday. The company has a market cap of $1.44 billion, a PE ratio of -15.33 and a beta of 1.79. D-Wave Quantum has a 12-month low of $0.68 and a 12-month high of $10.50. The business’s fifty day simple moving average is $2.64 and its 200-day simple moving average is $1.59.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Instrumental Wealth LLC lifted its stake in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during the period. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the second quarter worth $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter valued at $42,000. Finally, Bogart Wealth LLC purchased a new position in D-Wave Quantum in the third quarter valued at $49,000. Institutional investors and hedge funds 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.