D-Wave Quantum (NYSE:QBTS) Price Target Raised to $8.00 at Benchmark

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price target increased by stock analysts at Benchmark from $3.00 to $8.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's target price would indicate a potential upside of 24.22% from the company's previous close.

Other equities research analysts also recently issued research reports about the company. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research report on Thursday, December 12th. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a report on Monday, November 25th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Needham & Company LLC restated a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $5.63.

D-Wave Quantum Stock Performance

QBTS traded up $0.07 during trading on Friday, hitting $6.44. 123,656,000 shares of the stock were exchanged, compared to its average volume of 11,258,498. The firm has a 50 day simple moving average of $2.64 and a 200 day simple moving average of $1.59. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -15.33 and a beta of 1.79. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $10.50.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum 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 transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% during the 3rd 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 boosted its position in D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after purchasing an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum in the second quarter valued at approximately $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $42,000. Finally, Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the 3rd quarter worth approximately $49,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.