D-Wave Quantum (NYSE:QBTS - Get Free Report)'s stock had its "buy" rating restated by Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $8.50 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 23.28% from the company's previous close.
Other equities research analysts also recently issued reports about the company. B. Riley raised their price target on D-Wave Quantum from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Roth Mkm raised 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 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 research report on Friday. Finally, Craig Hallum increased their price target 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, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $7.75.
Get Our Latest Stock Report on QBTS
D-Wave Quantum Trading Up 18.5 %
Shares of NYSE:QBTS opened at $6.90 on Friday. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -16.42 and a beta of 1.12. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.41. The business has a fifty day simple moving average of $6.05 and a 200 day simple moving average of $3.80.
Insiders Place Their Bets
In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated 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 in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business'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 disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock valued at $53,438,181 over the last 90 days. 7.22% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in QBTS. Penserra Capital Management LLC boosted its position 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 valued at $4,409,000 after acquiring an additional 839,942 shares during the period. State Street Corp raised its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Barclays PLC boosted its holdings in 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 purchasing an additional 89,894 shares during the period. Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $820,000. 42.47% of the stock is 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.
See Also
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