D-Wave Quantum (NYSE:QBTS) Stock Price Expected to Rise, Benchmark Analyst Says

D-Wave Quantum (NYSE:QBTS) had its target price lifted by stock analysts at Benchmark from $3.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 24.22% from the stock’s previous close.

QBTS has been the topic of a number of other reports. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target 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. Roth Mkm boosted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, B. Riley increased their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Up 1.1 %

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

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Penserra Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC raised its position in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the period. Marshall Wace LLP acquired a new position in shares of D-Wave Quantum during the second quarter worth about $265,000. Bank of New York Mellon Corp purchased a new stake in shares of D-Wave Quantum in the second quarter worth about $251,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of D-Wave Quantum in the second quarter valued at about $163,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.