D-Wave Quantum's (QBTS) Buy Rating Reiterated at Benchmark

D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Benchmark in a research report issued on Tuesday,Benzinga reports. They presently have a $8.00 price objective on the stock. Benchmark's price objective points to a potential upside of 68.42% from the company's current price.

QBTS has been the subject of several other research reports. B. Riley increased their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research report on Monday, November 25th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of "Buy" and an average price target of $6.38.

D-Wave Quantum Stock Performance

QBTS traded up $0.92 during midday trading on Tuesday, reaching $4.75. 139,682,431 shares of the company were exchanged, compared to its average volume of 100,537,969. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -11.31 and a beta of 1.16. D-Wave Quantum has a one year low of $0.68 and a one year high of $11.41. The company's fifty day moving average price is $4.97 and its 200 day moving average price is $2.41.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction on Tuesday, December 10th. The stock was 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 directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 20,138,711 shares of company stock valued at $92,022,537. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in QBTS. Sovereign Financial Group Inc. purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $179,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum in the second quarter valued at $45,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the third quarter valued at about $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum during the third quarter worth about $49,000. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth about $93,000. 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.