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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have been assigned a consensus recommendation of “Buy” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $5.63.

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

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 10,081,459 shares of company stock valued at $45,337,894 over the last three months. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the company. Barclays PLC grew its position in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its holdings in 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 during the last quarter. State Street Corp increased its position in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $49,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

Shares of QBTS opened at $9.91 on Friday. The business’s 50-day moving average is $3.41 and its 200-day moving average is $1.86. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -23.60 and a beta of 1.79. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $11.41.

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.