D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Rating of "Buy" from Analysts

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has earned an average rating of "Buy" from the six research firms that are covering the firm, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $6.38.

QBTS has been the subject of a number of recent research reports. B. Riley lifted their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Benchmark reissued a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 20,138,711 shares of company stock valued at $92,022,537 in the last ninety days. Insiders own 7.22% of the company's stock.

Remove Ads

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Silverleafe Capital Partners LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at $820,000. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after purchasing an additional 645,039 shares during the period. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% in the third 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 during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after buying an additional 839,942 shares during the period. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Performance

Shares of QBTS traded up $0.00 during midday trading on Thursday, hitting $5.79. The company had a trading volume of 162,687,286 shares, compared to its average volume of 117,294,711. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $11.41. The firm has a market capitalization of $1.56 billion, a P/E ratio of -13.80 and a beta of 1.16. The company's 50-day simple moving average is $5.06 and its 200-day simple moving average is $2.43.

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.