D-Wave Quantum Inc. (NYSE:QBTS) Receives Average Rating of “Buy” from Analysts

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus rating of “Buy” from the six research firms that are currently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $6.38.

Several research firms have commented on QBTS. B. Riley boosted their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm boosted their price target 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. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Finally, Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th.

D-Wave Quantum Stock Performance

Shares of NYSE QBTS opened at $6.25 on Thursday. The business has a 50 day simple moving average of $5.39 and a 200 day simple moving average of $2.57. D-Wave Quantum has a 52 week low of $0.71 and a 52 week high of $11.41. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -14.87 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In other 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 sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $488,000. Flagship Harbor Advisors LLC bought a new position in D-Wave Quantum during the fourth quarter valued at about $233,000. Veracity Capital LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at approximately $228,000. Traynor Capital Management Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $219,000. Finally, Arkadios Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $162,000. 42.47% of the stock is owned by institutional investors.

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.