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

D-Wave Quantum Inc. (NYSE:QBTS) has received an average rating of “Buy” from the six research firms that are currently covering the stock, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have covered the stock in the last year is $5.63.

Several brokerages have recently weighed in on QBTS. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Craig Hallum lifted 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 note on Friday, December 20th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Benchmark upped their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC boosted its stake 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 in the last quarter. Geode Capital Management LLC lifted its position 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 buying an additional 645,039 shares in the last quarter. Marshall Wace LLP bought a new stake in D-Wave Quantum during the 2nd quarter worth about $265,000. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum in the 2nd quarter valued at about $251,000. Finally, Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum in the second quarter worth about $163,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Up 0.1 %

QBTS stock opened at $9.91 on Friday. D-Wave Quantum has a twelve month low of $0.68 and a twelve month high of $11.41. The company has a market cap of $2.22 billion, a PE ratio of -23.60 and a beta of 1.79. The business’s 50-day simple moving average is $3.41 and its 200 day simple moving average is $1.86.

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.