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

D-Wave Quantum (NYSE:QBTS) had its price objective raised by equities researchers at Craig Hallum from $2.50 to $9.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price target indicates a potential upside of 19.36% from the stock’s current price.

Several other equities analysts also recently commented on the company. Roth Mkm raised 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. B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $4.79.

D-Wave Quantum Stock Up 18.4 %

Shares of NYSE:QBTS traded up $1.17 during trading on Friday, reaching $7.54. The stock had a trading volume of 77,294,889 shares, compared to its average volume of 11,058,193. The business has a fifty day moving average price of $2.53 and a 200-day moving average price of $1.55. The stock has a market cap of $1.69 billion, a P/E ratio of -17.95 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 $10.50.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. Penserra Capital Management LLC boosted 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 during the period. Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the period. Marshall Wace LLP bought a new stake in shares of D-Wave Quantum in the second quarter worth about $265,000. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $251,000. Finally, Squarepoint Ops LLC purchased a new position in D-Wave Quantum during the 2nd quarter worth $163,000. Institutional investors own 42.47% of the company’s stock.

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.