Craig Hallum Increases D-Wave Quantum (NYSE:QBTS) Price Target to $9.00

D-Wave Quantum (NYSE:QBTS) had its target price upped by Craig Hallum from $2.50 to $9.00 in a research note released on Friday morning,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Several other equities research analysts have also commented on QBTS. B. Riley upped their target price 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. Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Performance

NYSE:QBTS opened at $6.44 on Friday. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $10.50. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -15.33 and a beta of 1.79. The firm’s 50-day simple moving average is $2.64 and its 200 day simple moving average is $1.59.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% in 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 increased 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 purchasing an additional 645,039 shares during the last quarter. Marshall Wace LLP acquired a new position in D-Wave Quantum during the 2nd quarter worth about $265,000. Bank of New York Mellon Corp purchased a new stake in shares of D-Wave Quantum during the second quarter worth $251,000. Finally, Squarepoint Ops LLC acquired a new stake in D-Wave Quantum in the second quarter valued at approximately $163,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.