D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Recommendation of “Buy” from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has received an average recommendation of “Buy” from the six research firms that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year target price among brokerages that have covered the stock in the last year is $5.63.

A number of brokerages recently weighed in on QBTS. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday. Benchmark lifted their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday. Roth Mkm upped 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 lifted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th.

D-Wave Quantum Stock Up 1.1 %

Shares of D-Wave Quantum stock opened at $6.44 on Friday. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $10.50. The business has a fifty day simple moving average of $2.64 and a 200-day simple moving average of $1.59. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -15.33 and a beta of 1.79.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction that occurred 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 owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of QBTS. Barclays PLC boosted its position in D-Wave Quantum by 298.3% during the third 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 last quarter. Geode Capital Management LLC raised its stake in shares of D-Wave Quantum by 33.8% during 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 in the last quarter. State Street Corp lifted its holdings in shares of 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 buying an additional 17,225 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares in the last quarter. Finally, Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter worth approximately $49,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.