D-Wave Quantum Inc. Receives $6.71 Target Price from Analysts

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have recently received an average recommendation of “Buy” from the six research firms currently covering the stock, according to Marketbeat.com. All six research analysts have issued a buy recommendation for the stock. The average 1-year target price set by brokerages for D-Wave Quantum is $6.71.

Several brokerages have provided insights about QBTS. Needham & Company LLC reaffirmed a “buy” rating and established a price target of $2.25 for D-Wave Quantum on November 15th. B. Riley raised their price target from $9.00 to $11.00, maintaining a “buy” rating on February 14th. In addition, Craig Hallum increased their price objective from $2.50 to $9.00, also giving D-Wave Quantum a “buy” rating on December 20th. Benchmark established an $8.00 price target while reiterating a “buy” rating on January 14th. Roth MKM also raised their target from $3.00 to $7.00, endorsing the stock with a “buy” rating on December 12th.

D-Wave Quantum's Price Performance

As of the last trading session, QBTS opened at $5.20. The stock's 50-day moving average is $6.31, and its 200-day moving average stands at $3.71. Over the past year, D-Wave Quantum has seen a low of $0.75 and a high of $11.41. The company boasts a market capitalization of $1.40 billion with a PE ratio of -12.37 and a beta of 1.12.

Insider Trading Activity

In related developments, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company's stock on December 20th at an average price of $6.68, resulting in a total transaction of $6,680,000. This transaction has been reported in an SEC filing. Additionally, CEO Alan E. Baratz sold 8,372 shares on January 23rd, receiving an average of $5.27 for a total value of $44,120.44. Following this sale, Baratz holds 2,342,208 shares valued at approximately $12,343,436. This transaction represents a 0.36% reduction in his ownership. In the past ninety days, insiders have sold 20,152,665 shares worth $92,096,075. Insider ownership accounts for 7.22% of the company's total shares.

Institutional Investment Activity

Various institutional investors and hedge funds have also recently bought and sold shares of QBTS. For instance, Fourth Dimension Wealth LLC established a new position in D-Wave Quantum worth around $26,000 during the fourth quarter. PNC Financial Services Group Inc. acquired new shares valued at approximately $38,000, and Heritage Wealth Advisors invested around $67,000. Kingsview Wealth Management LLC also added approximately $84,000 to its stake in D-Wave Quantum. Furthermore, Summit Investment Advisors Inc. increased its position by 20.6% in the fourth quarter, owning 10,347 shares after acquiring an additional 1,766 shares. Overall, institutional investors now hold 42.47% of D-Wave Quantum's stock.

About D-Wave Quantum

D-Wave Quantum Inc. is a company specializing in the development and delivery of quantum computing systems, software, and services around the world. They offer products such as 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 live quantum computers, hybrid solvers, and development resources.

D-Wave, Quantum, Stock