D-Wave Quantum (NYSE:QBTS) Price Target Raised to $8.00

D-Wave Quantum (NYSE:QBTS) had its target price raised by Benchmark from $3.00 to $8.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently commented on QBTS. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday. Finally, B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Up 1.1 %

QBTS stock opened at $6.44 on Friday. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $10.50. The business has a 50-day simple moving average of $2.64 and a 200 day simple moving average of $1.59. The company has a market cap of $1.44 billion, a PE ratio of -15.33 and a beta of 1.79.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the 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 completion of the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. SG Americas Securities LLC acquired a new position in D-Wave Quantum in the third quarter valued at $42,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum in the 2nd quarter worth about $45,000. Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum in the 3rd quarter valued at about $49,000. Instrumental Wealth LLC boosted its position in shares of D-Wave Quantum by 85.9% during 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 in the last quarter. Finally, Rhumbline Advisers acquired a new stake in D-Wave Quantum during the second quarter worth approximately $93,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

About D-Wave Quantum

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.