Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) Price Target at $6.38

D-Wave Quantum Inc. (NYSE:QBTS) has been assigned an average rating of “Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $6.38.

Several equities research analysts recently issued reports on the company. Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. 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. B. Riley boosted their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, 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.

D-Wave Quantum Trading Up 13.3 %

Shares of QBTS stock opened at $6.04 on Monday. The stock has a market cap of $1.63 billion, a P/E ratio of -14.38 and a beta of 1.10. The stock has a 50 day simple moving average of $6.45 and a 200 day simple moving average of $3.06. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’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 owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently modified their holdings of the business. Corebridge Financial Inc. boosted its position in D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after acquiring an additional 2,342 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after acquiring an additional 3,660 shares during the last quarter. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the fourth quarter valued at $38,000. Blair William & Co. IL boosted its position in D-Wave Quantum by 29.9% during the fourth quarter. Blair William & Co. IL now owns 27,935 shares of the company’s stock valued at $235,000 after acquiring an additional 6,435 shares during the last quarter. Finally, Heritage Wealth Advisors bought a new stake in D-Wave Quantum during the fourth quarter valued at $67,000. Institutional investors 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.