D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price target raised by equities researchers at Roth Mkm from $7.00 to $10.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Roth Mkm's price target would indicate a potential upside of 3.34% from the company's previous close.
Several other analysts have also recently issued reports on QBTS. Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. B. Riley raised their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday. Benchmark reissued a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Friday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $8.42.
View Our Latest Analysis on QBTS
D-Wave Quantum Trading Up 40.0 %
QBTS stock traded up $2.77 during mid-day trading on Friday, hitting $9.68. 206,867,185 shares of the company were exchanged, compared to its average volume of 27,710,240. The firm has a fifty day simple moving average of $6.05 and a 200 day simple moving average of $3.80. The company has a market capitalization of $2.60 billion, a PE ratio of -23.06 and a beta of 1.12. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.41.
Insider Activity
In related 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 shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock valued at $53,438,181 over the last three months. Insiders own 7.22% of the company's stock.
Institutional Trading of D-Wave Quantum
Several large investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. boosted its holdings in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares in the last quarter. Invesco Ltd. increased its holdings in shares of D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after acquiring an additional 2,051 shares during the last quarter. Corebridge Financial Inc. raised its stake in shares of D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after acquiring an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum in the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC boosted its position in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock worth $110,000 after purchasing an additional 3,660 shares during the period. 42.47% of the stock is owned by institutional investors.
About D-Wave Quantum
(
Get Free Report)
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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