Benchmark Issues Positive Forecast for D-Wave Quantum (NYSE:QBTS) Stock Price

D-Wave Quantum (NYSE:QBTS) had its price target boosted by Benchmark from $3.00 to $8.00 in a report issued on Friday,Benzinga reports. Benchmark currently has a buy rating on the stock.

QBTS has been the subject of a number of other research reports. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $6.44 on Friday. The firm’s 50 day simple moving average is $2.64 and its 200-day simple moving average is $1.59. D-Wave Quantum has a 12 month low of $0.68 and a 12 month high of $10.50. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -15.33 and a beta of 1.79.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $45,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum during the third quarter worth $49,000. Instrumental Wealth LLC raised its position in D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $93,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.