D-Wave Quantum (NYSE:QBTS) Stock Price Expected to Rise, Benchmark Analyst Says

D-Wave Quantum (NYSE:QBTS) had its target price increased by Benchmark from $3.00 to $8.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also weighed in on the stock. B. Riley increased their price objective 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. Craig Hallum boosted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday. Roth Mkm boosted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $6.44 on Friday. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $10.50. The business has a 50 day moving average price of $2.64 and a 200 day moving average price of $1.59. The company has a market capitalization of $1.44 billion, a P/E 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 8,437,593 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in QBTS. Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 23.0% during the third 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. Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum in the second quarter valued at $163,000. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth $251,000. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum in the second quarter worth approximately $45,000. Finally, Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $265,000. 42.47% of the stock is currently owned by institutional investors.

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.