D-Wave Quantum Inc. (NYSE:QBTS) Receives $6.71 Average Target Price from Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have received an average recommendation of “Buy” from the six analysts that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have covered the stock in the last year is $6.71.

A number of research firms have commented on QBTS. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley increased their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th.

D-Wave Quantum Trading Up 18.5 %

Shares of QBTS opened at $6.90 on Friday. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $11.41. The firm’s 50 day moving average is $6.05 and its 200-day moving average is $3.80. The stock has a market capitalization of $1.86 billion, a PE ratio of -16.42 and a beta of 1.12.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock worth $53,438,181 over the last 90 days. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. Summit Investment Advisors Inc. grew its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares during the period. Invesco Ltd. increased its holdings in D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after purchasing an additional 2,051 shares in the last quarter. Corebridge Financial Inc. raised its position in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after buying an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. Finally, Steward Partners Investment Advisory LLC increased its stake in D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after buying an additional 3,660 shares during the last quarter. 42.47% of the stock is currently owned by 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.