Benchmark Reiterates Buy Rating for D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reiterated by analysts at Benchmark in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $8.00 price target on the stock. Benchmark’s price target would suggest a potential upside of 38.41% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Craig Hallum upped their target price 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. B. Riley upped their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $5.78 on Tuesday. The company’s fifty day simple moving average is $4.97 and its 200 day simple moving average is $2.41. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $11.41.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on 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 transaction, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last quarter. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Arkadios Wealth Advisors bought a new stake in D-Wave Quantum in the 4th quarter valued at about $162,000. Sovereign Financial Group Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $179,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter worth approximately $42,000. Finally, Bogart Wealth LLC bought a new position in D-Wave Quantum during the 3rd quarter worth $49,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.