Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $5.63

D-Wave Quantum Inc. (NYSE:QBTS) has earned an average recommendation of “Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $5.63.

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

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction dated 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 legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 10,081,459 shares of company stock worth $45,337,894. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. Barclays PLC lifted its position in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares in the last quarter. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares in the last quarter. State Street Corp lifted its holdings in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares in the last quarter. Penserra Capital Management LLC boosted its position in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum during the third quarter valued at about $49,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Trading Up 24.5 %

NYSE:QBTS opened at $9.90 on Friday. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -23.57 and a beta of 1.79. D-Wave Quantum has a 12-month low of $0.68 and a 12-month high of $10.50. The company’s 50-day moving average is $3.24 and its two-hundred day moving average is $1.79.

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.