D-Wave Quantum Inc. (NYSE:QBTS) Receives $6.38 Average PT from Analysts

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has been given an average recommendation of "Buy" by the six analysts that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $6.38.

Several analysts have commented on QBTS shares. B. Riley upped their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Craig Hallum increased their price target on 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 boosted 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. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last three months. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares during the last quarter. UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum in the fourth quarter worth $20,258,000. Finally, 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 worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Up 8.0 %

QBTS traded up $0.49 on Monday, reaching $6.53. The company had a trading volume of 69,361,919 shares, compared to its average volume of 88,538,813. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41. The stock has a market capitalization of $1.76 billion, a PE ratio of -15.54 and a beta of 1.10. The stock has a 50-day moving average price of $6.51 and a 200-day moving average price of $3.08.

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.