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

D-Wave Quantum Inc. (NYSE:QBTS) has earned a consensus rating of “Buy” from the six brokerages that are currently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $6.38.

QBTS has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. B. Riley increased 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 note on Tuesday. Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Craig Hallum increased 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 note on Friday, December 20th.

D-Wave Quantum Trading Up 22.2 %

D-Wave Quantum stock opened at $5.78 on Thursday. D-Wave Quantum has a 12-month low of $0.68 and a 12-month high of $11.41. The stock has a market cap of $1.56 billion, a P/E ratio of -13.76 and a beta of 1.16. The company has a 50-day moving average price of $4.97 and a 200 day moving average price of $2.41.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last 90 days. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Penserra Capital Management LLC increased its holdings in shares of 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 valued at $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC increased its holdings 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 valued at $2,513,000 after acquiring an additional 645,039 shares during the period. Marshall Wace LLP acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at $265,000. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at $251,000. Finally, Squarepoint Ops LLC acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at $163,000. 42.47% of the stock is 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.