D-Wave Quantum Inc. (NYSE:QBTS) Given Average Recommendation of “Buy” by Brokerages

D-Wave Quantum Inc. (NYSE:QBTS) has earned an average recommendation of “Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $5.63.

Several research firms recently weighed in on QBTS. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday. B. Riley raised their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Roth Mkm lifted their target price 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 upped their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Penserra Capital Management LLC lifted its position in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC raised its stake in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying 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 worth $1,986,000 after acquiring an additional 17,225 shares during the period. Marshall Wace LLP acquired a new stake in shares of D-Wave Quantum during the 2nd quarter valued at about $265,000. Finally, Bank of New York Mellon Corp bought a new stake in D-Wave Quantum in the second quarter valued at about $251,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

NYSE QBTS opened at $6.44 on Friday. The firm has a market cap of $1.44 billion, a P/E ratio of -15.33 and a beta of 1.79. The stock’s 50-day moving average is $2.64 and its two-hundred day moving average is $1.59. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $10.50.

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.