Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) Price Target at $5.63

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

Several equities analysts have recently issued reports on the company. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum increased their price objective 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, December 20th. Roth Mkm lifted their price objective on shares of 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, Benchmark boosted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 20th.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of QBTS. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth about $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at about $49,000. Instrumental Wealth LLC grew its position in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $93,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

Shares of NYSE:QBTS opened at $9.90 on Friday. The firm’s 50-day moving average is $3.24 and its two-hundred day moving average is $1.79. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $10.50. The firm has a market capitalization of $2.22 billion, a PE ratio of -23.57 and a beta of 1.79.

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.