D-Wave Quantum Inc. (NYSE:QBTS) Receives $6.38 Average Price Target from Analysts

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) has received an average rating of "Buy" from the six research firms that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have covered the stock in the last year is $6.38.

Several equities research analysts have recently commented on the company. Craig Hallum boosted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a report on Friday, December 20th. B. Riley upped their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Finally, Benchmark reiterated a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business'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 transaction of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares of the company's stock, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 20,138,711 shares of company stock valued at $92,022,537 in the last 90 days. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the third quarter valued at approximately $42,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth $45,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum in the third quarter worth $49,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum in the second quarter worth approximately $93,000. Finally, Barclays PLC grew its holdings in shares of D-Wave Quantum by 298.3% during 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 last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Down 9.2 %

QBTS traded down $0.54 during midday trading on Thursday, hitting $5.28. The company had a trading volume of 76,051,233 shares, compared to its average volume of 91,101,744. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -12.56 and a beta of 1.16. The stock's 50 day moving average price is $5.22 and its 200 day moving average price is $2.49. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $11.41.

About D-Wave Quantum

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.