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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have received an average recommendation of “Buy” from the six analysts that are currently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $6.38.

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

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 20,138,711 shares of company stock valued at $92,022,537. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the third quarter worth about $42,000. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the second quarter valued at approximately $45,000. Bogart Wealth LLC bought a new position in D-Wave Quantum during the 3rd quarter worth approximately $49,000. Rhumbline Advisers bought a new position in D-Wave Quantum during the 2nd quarter worth approximately $93,000. Finally, Barclays PLC grew its position in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Trading Down 9.2 %

Shares of QBTS opened at $5.28 on Thursday. The firm’s 50-day moving average is $5.22 and its two-hundred day moving average is $2.50. D-Wave Quantum has a twelve month low of $0.68 and a twelve month high of $11.41. The firm has a market capitalization of $1.42 billion, a P/E ratio of -12.56 and a beta of 1.16.

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.