D-Wave Quantum Inc. (NYSE:QBTS) Receives $6.38 Average Price Target from Brokerages

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have earned an average recommendation of “Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $6.38.

A number of research firms recently weighed in on QBTS. Craig Hallum upped 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, December 20th. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. B. Riley increased their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th.

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 that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Penserra Capital Management LLC grew its stake 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 in the last quarter. Geode Capital Management LLC grew its stake in D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after buying an additional 418,468 shares in the last quarter. UNICOM Systems Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at approximately $20,258,000. Finally, State Street Corp grew its stake 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 valued at $1,986,000 after buying an additional 17,225 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

QBTS stock opened at $6.04 on Monday. The stock has a market capitalization of $1.63 billion, a PE ratio of -14.38 and a beta of 1.10. The company’s 50-day moving average is $6.45 and its 200-day moving average is $3.06. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41.

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.