Craig Hallum Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price objective upped by equities researchers at Craig Hallum from $2.50 to $9.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Craig Hallum's target price indicates a potential upside of 39.75% from the stock's current price.

Several other analysts have also recently issued reports on QBTS. Needham & Company LLC reissued a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, B. Riley raised their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research note on Monday, November 25th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and an average price target of $5.63.

D-Wave Quantum Price Performance

D-Wave Quantum stock traded up $0.07 during trading hours on Friday, reaching $6.44. The stock had a trading volume of 123,656,000 shares, compared to its average volume of 11,258,498. The company has a fifty day simple moving average of $2.53 and a 200-day simple moving average of $1.55. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $10.50. The stock has a market cap of $1.44 billion, a PE ratio of -15.33 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company's stock in a transaction dated 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 directly owns 1,000,000 shares of the company's stock, valued at $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the business. State Street Corp boosted its holdings in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Instrumental Wealth LLC raised its position in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after purchasing an additional 25,067 shares during the last quarter. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum in the 2nd quarter worth about $45,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the 3rd quarter valued at about $42,000. Finally, Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the 3rd quarter valued at about $49,000. 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.