D-Wave Quantum’s (QBTS) “Buy” Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of D-Wave Quantum (NYSE:QBTS) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $8.00 price objective on the stock.

A number of other equities analysts also recently issued reports on the company. B. Riley increased their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Roth Mkm increased 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. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Up 24.0 %

NYSE QBTS opened at $4.75 on Tuesday. The stock has a market capitalization of $1.28 billion, a P/E ratio of -11.31 and a beta of 1.16. D-Wave Quantum has a 52-week low of $0.68 and a 52-week high of $11.41. The firm has a 50-day moving average price of $4.97 and a 200 day moving average price of $2.41.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 20,138,711 shares of company stock valued at $92,022,537. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum in the 4th quarter valued at approximately $179,000. Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter worth $820,000. Barclays PLC lifted 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 acquiring an additional 89,894 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% during 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 last quarter. Finally, State Street Corp increased its position in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.