Roth Mkm Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS) had its target price upped by stock analysts at Roth Mkm from $7.00 to $10.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s price target would suggest a potential downside of 1.82% from the stock’s previous close.

A number of other research firms have also weighed in on QBTS. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday. B. Riley raised 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. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Price Performance

QBTS opened at $10.19 on Friday. The company’s 50-day moving average is $6.07 and its 200 day moving average is $3.88. D-Wave Quantum has a fifty-two week low of $0.75 and a fifty-two week high of $11.41. The firm has a market capitalization of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock worth $53,438,181 over the last quarter. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the business. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors purchased a new position in D-Wave Quantum during the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum during the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. grew its stake in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.