D-Wave Quantum Inc. (NYSE:QBTS) Receives $6.38 Consensus Target Price from Brokerages

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

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

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 20,138,711 shares of company stock valued at $92,022,537 in the last three months. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in the company. Veracity Capital LLC bought a new position in shares of D-Wave Quantum during the fourth quarter valued at $228,000. Traynor Capital Management Inc. bought a new position in D-Wave Quantum during the 4th quarter valued at about $219,000. Arkadios Wealth Advisors bought a new position in D-Wave Quantum during the 4th quarter valued at about $162,000. Sovereign Financial Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $179,000. Finally, Silverleafe Capital Partners LLC bought a new stake in shares of D-Wave Quantum in the fourth quarter worth approximately $820,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Down 9.2 %

Shares of NYSE:QBTS opened at $5.28 on Thursday. The company has a 50-day moving average price of $5.22 and a 200-day moving average price of $2.48. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -12.56 and a beta of 1.16. D-Wave Quantum has a 12 month low of $0.68 and a 12 month high of $11.41.

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.