D-Wave Quantum (NYSE:QBTS) Price Target Raised to $10.00 at Roth Mkm

D-Wave Quantum (NYSE:QBTS) had its price target boosted by equities researchers at Roth Mkm from $7.00 to $10.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s target price would suggest a potential upside of 3.34% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday. Craig Hallum raised their price target 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. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research report on Friday. Finally, B. Riley lifted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Price Performance

Shares of NYSE QBTS traded up $2.77 during trading hours on Friday, hitting $9.68. 206,867,185 shares of the company’s stock were exchanged, compared to its average volume of 27,710,240. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -23.06 and a beta of 1.12. The company’s 50-day moving average price is $6.05 and its 200-day moving average price is $3.80. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.41.

Insider Buying and Selling at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Bank of America Corp DE raised its position in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $20,258,000. Penserra Capital Management LLC increased its position 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 worth $4,409,000 after purchasing an additional 839,942 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. 42.47% of the stock is owned by 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.