D-Wave Quantum (NYSE:QBTS) Earns “Buy” Rating from Benchmark

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reissued by stock analysts at Benchmark in a research note issued on Friday,Benzinga reports. They currently have a $8.00 target price on the stock. Benchmark’s target price indicates a potential downside of 21.45% from the company’s previous close.

A number of other equities research analysts also recently commented on QBTS. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm boosted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley boosted their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Stock Up 47.4 %

D-Wave Quantum stock opened at $10.19 on Friday. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $11.41. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -24.25 and a beta of 1.12. The stock has a 50-day moving average price of $6.07 and a 200 day moving average price of $3.88.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE increased its position in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth approximately $20,258,000. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other 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.