Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) Target Price at $6.38

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) have earned an average rating of "Buy" from the six research firms that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $6.71.

QBTS has been the topic of several analyst reports. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research report on Thursday, December 12th. Benchmark reaffirmed a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. B. Riley boosted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Friday. Finally, Needham & Company LLC reissued a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th.

D-Wave Quantum Price Performance

Shares of QBTS stock traded down $0.12 during trading on Monday, hitting $6.38. 52,042,809 shares of the stock traded hands, compared to its average volume of 91,239,728. The firm has a market capitalization of $1.72 billion, a P/E ratio of -15.18 and a beta of 1.10. The firm's fifty day moving average price is $6.59 and its 200-day moving average price is $3.16. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.41.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction 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 transaction, the chief executive officer now owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last quarter. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. grew its stake in shares of D-Wave Quantum by 20.6% in the fourth quarter. Ameritas Investment Partners 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. Invesco Ltd. grew its stake in shares of D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after purchasing an additional 2,051 shares in the last quarter. Corebridge Financial Inc. grew its stake in shares of D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after purchasing an additional 2,342 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock worth $110,000 after purchasing an additional 3,660 shares in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter worth $38,000. Institutional investors and hedge funds 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.