Analysts Set Price Target for D-Wave Quantum Inc. at $6.38

D-Wave Quantum Inc. (NYSE:QBTS) has received an average rating of "Buy" from the six research firms currently covering the company, according to Marketbeat. All six analysts have given the stock a buy recommendation, indicating a positive outlook on its future performance. The consensus target price for the stock over the next year stands at $6.38, reflecting the analysts' belief in the company's growth potential.

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• D-Wave's Stock Springs Back in the Quantum Computing Race

A variety of equity analysts have recently released reports concerning the stock. Roth MKM has upgraded their price objective from $3.00 to $7.00 while maintaining a "buy" rating on D-Wave Quantum. This upgrade was published on Thursday, December 12th. Craig Hallum also raised their price target from $2.50 to $9.00, reinforcing a "buy" rating in a report dated Friday, December 20th. Additionally, Needham & Company LLC has reaffirmed its "buy" rating but set a lower target price of $2.25 on shares of D-Wave Quantum in their report on Friday, November 15th. Benchmark followed suit by reissuing a "buy" rating with an $8.00 price target on Tuesday, January 14th. On the same day, B. Riley also raised their price objective from $4.50 to $9.00, reiterating a "buy" stance on the stock.

D-Wave Quantum Stock Performance

As of Thursday, shares of QBTS opened at $5.28. The company boasts a market capitalization of $1.42 billion and has reported a price-to-earnings ratio of -12.56. The stock exhibits a beta of 1.16, indicating volatility relative to the broader market. D-Wave Quantum's 50-day moving average is $5.22, while its two-hundred day moving average stands at $2.48. Over the past year, the stock has reached a low of $0.68 and hit a high of $11.41.

Insider Transactions at D-Wave Quantum

In related news, a significant shareholder, Sector Pension Investment Public, sold 8,437,593 shares of D-Wave Quantum on Thursday, December 12th, at an average price of $4.21 per share. This transaction resulted in total proceeds of approximately $35.5 million. Post-sale, the insider holds 1,000,000 shares of the company, valued at around $4.21 million. This sale represents a dramatic 89.40% reduction in their ownership of D-Wave Quantum shares. The transaction details were disclosed in a filing with the SEC. In total, insiders have sold 20,138,711 shares over the last 90 days, equating to a value of $92 million. Insiders collectively own about 7.22% of the company's total shares.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have begun to take positions in D-Wave Quantum. Notable transactions include Veracity Capital LLC, which bought a new stake worth $228,000 in the fourth quarter. Traynor Capital Management Inc. also made a new purchase valued at approximately $219,000 during the same period. Arkadios Wealth Advisors acquired shares worth about $162,000, while Sovereign Financial Group Inc. invested approximately $179,000. Silverleafe Capital Partners LLC made a substantial new acquisition worth about $820,000. Overall, institutional investors hold about 42.47% of D-Wave Quantum's stock.

D-Wave Quantum Company Overview

D-Wave Quantum Inc. specializes in the development and delivery of quantum computing systems, software, and services on a global scale. The company is known for its Advantage system, a fifth-generation quantum computer, and offers a suite of open-source Python tools called Ocean. The company also provides Leap, a cloud-based service that gives users real-time access to a live quantum computer while also extending access to hybrid solvers, Ocean software development kits, demo codes, learning materials, and an active developer community.

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