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

D-Wave Quantum (NYSE:QBTS) had its target price upped by stock analysts at Benchmark from $3.00 to $8.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 8.11% from the stock’s current price.

QBTS has been the topic of a number of other reports. B. Riley increased their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report 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 report on Friday, November 15th. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Trading Up 16.2 %

QBTS stock traded up $1.03 during trading on Friday, hitting $7.40. The company had a trading volume of 90,757,468 shares, compared to its average volume of 11,119,278. The company has a fifty day moving average price of $2.53 and a two-hundred day moving average price of $1.55. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $10.50. The company has a market cap of $1.66 billion, a P/E ratio of -17.62 and a beta of 1.79.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

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