D-Wave Quantum (NYSE:QBTS) Price Target Raised to $9.00

D-Wave Quantum (NYSE:QBTS) had its target price raised by Craig Hallum from $2.50 to $9.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

QBTS has been the subject of several other research reports. Roth Mkm raised 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 upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target 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 Activity

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in D-Wave Quantum during the third quarter worth about $42,000. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $45,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter valued at approximately $49,000. Instrumental Wealth LLC boosted its stake in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after buying an additional 25,067 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in D-Wave Quantum during the second quarter worth $93,000. 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.