Benchmark Boosts D-Wave Quantum (NYSE:QBTS) Price Target to $8.00

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

A number of other equities research analysts have also recently commented on the company. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. B. Riley boosted their price target 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. Craig Hallum raised 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 note on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Trading Up 1.1 %

Shares of NYSE QBTS opened at $6.44 on Friday. The firm has a market capitalization of $1.44 billion, a P/E ratio of -15.33 and a beta of 1.79. The firm’s 50-day moving average price is $2.64 and its 200-day moving average price is $1.59. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $10.50.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QBTS. Penserra Capital Management LLC lifted its holdings in D-Wave Quantum by 23.0% during the 3rd 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. State Street Corp boosted its position in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Marshall Wace LLP bought a new stake in D-Wave Quantum during the 2nd quarter worth approximately $265,000. Finally, Bank of New York Mellon Corp bought a new stake in D-Wave Quantum during the 2nd quarter worth approximately $251,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.