Brokerages Set D-Wave Quantum Inc. (NYSE:QBTS) Target Price at $6.38

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus rating of “Buy” from the six analysts that are currently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $6.71.

Several research firms have weighed in on QBTS. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum boosted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, B. Riley boosted their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $6.38 on Monday. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.41. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -15.18 and a beta of 1.10. The firm’s 50 day moving average price is $6.59 and its two-hundred day moving average price is $3.16.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum 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 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,152,665 shares of company stock valued at $92,096,075. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum during the 2nd quarter worth about $163,000. SG Americas Securities LLC bought a new stake in D-Wave Quantum in the third quarter valued at about $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum in the third quarter valued at about $49,000. Penserra Capital Management LLC increased its stake in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after acquiring an additional 839,942 shares during the period. Finally, State Street Corp increased its stake in 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. Institutional investors and hedge funds 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.