D-Wave Quantum’s (QBTS) “Buy” Rating Reiterated at Benchmark

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reiterated by research analysts at Benchmark in a report issued on Friday,Benzinga reports. They presently have a $8.00 price objective on the stock. Benchmark’s price objective points to a potential downside of 21.45% from the company’s current price.

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

D-Wave Quantum Stock Up 47.4 %

Shares of NYSE:QBTS opened at $10.19 on Friday. The business has a fifty day moving average of $6.07 and a two-hundred day moving average of $3.88. The stock has a market cap of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.41.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction dated 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 in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,071,206 shares of company stock valued at $53,438,181. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the 4th quarter worth about $84,000. Finally, Summit Investment Advisors Inc. boosted its position in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.