D-Wave Quantum (NYSE:QBTS) Price Target Raised to $20.00 at Benchmark

D-Wave Quantum (NYSE:QBTS - Get Free Report) had its price objective increased by research analysts at Benchmark from $14.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price target would suggest a potential upside of 29.48% from the stock's current price.

Several other analysts also recently commented on the stock. B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a report on Friday. Needham & Company LLC boosted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and a consensus target price of $11.17.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock traded down $0.55 during trading hours on Tuesday, hitting $15.45. The company had a trading volume of 19,308,755 shares, compared to its average volume of 45,982,831. The company's 50-day moving average is $11.74 and its two-hundred day moving average is $8.40. The company has a market cap of $4.51 billion, a P/E ratio of -36.80 and a beta of 1.49. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $19.77.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. Sell-side analysts expect that D-Wave Quantum will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other news, Director Kirstjen Nielsen sold 13,000 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the transaction, the director now owns 119,673 shares in the company, valued at $1,919,554.92. This trade represents a 9.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the sale, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 over the last 90 days. Company insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in D-Wave Quantum by 81.8% in the 1st quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock valued at $1,843,000 after purchasing an additional 109,110 shares in the last quarter. Strs Ohio purchased a new position in shares of D-Wave Quantum during the first quarter valued at approximately $139,000. Geneos Wealth Management Inc. acquired a new stake in D-Wave Quantum during the first quarter worth approximately $147,000. Focus Partners Wealth grew its stake in D-Wave Quantum by 86.5% in the 1st quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock worth $326,000 after acquiring an additional 19,922 shares during the period. Finally, Flaharty Asset Management LLC purchased a new stake in D-Wave Quantum in the 1st quarter worth approximately $91,000. 42.47% of the stock is currently 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.

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