D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating reaffirmed by Benchmark in a note issued to investors on Friday,Benzinga reports. They presently have a $8.00 target price on the stock. Benchmark's price target points to a potential downside of 21.45% from the company's current price.
Several other equities research analysts have also weighed in on QBTS. B. Riley boosted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Craig Hallum boosted their target price 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 lifted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and an average price target of $8.42.
Get Our Latest Stock Report on D-Wave Quantum
D-Wave Quantum Price Performance
QBTS traded up $3.28 on Friday, hitting $10.19. The company had a trading volume of 260,099,071 shares, compared to its average volume of 28,005,444. The company's fifty day moving average price is $6.07 and its 200 day moving average price is $3.86. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.41. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -24.25 and a beta of 1.12.
Insiders Place Their Bets
In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, 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 11,071,206 shares of company stock valued at $53,438,181 in the last three months. Company insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Penserra Capital Management LLC grew its position in 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 valued at $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC grew its position in 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 valued at $24,992,000 after acquiring an additional 418,468 shares during the period. Bank of America Corp DE grew its position in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. bought a new stake in D-Wave Quantum in the fourth quarter valued at $20,258,000. 42.47% of the stock is currently owned by institutional investors.
About D-Wave Quantum
(
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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.
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