D-Wave Quantum Inc. (NYSE:QBTS) Receives $5.63 Consensus Price Target from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has earned an average rating of “Buy” from the six analysts that are covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have covered the stock in the last year is $5.63.

A number of brokerages have recently commented on QBTS. B. Riley boosted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Roth Mkm upped their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Craig Hallum upped their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Benchmark increased their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 20th.

D-Wave Quantum Price Performance

QBTS opened at $7.95 on Friday. The business has a fifty day moving average price of $2.78 and a 200 day moving average price of $1.64. D-Wave Quantum has a 12 month low of $0.68 and a 12 month high of $10.50. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -18.93 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last 90 days. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the period. Instrumental Wealth LLC raised its position in D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum in the second quarter valued at $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum during the 3rd quarter worth $42,000. Finally, Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the 3rd quarter worth $49,000. Hedge funds and other 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.