D-Wave Quantum (NYSE:QBTS) Given New $4.00 Price Target at Benchmark

D-Wave Quantum (NYSE:QBTS – Get Rating) had its target price trimmed by Benchmark from $9.00 to $4.00 in a report published on Tuesday morning, The Fly reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts also recently commented on QBTS. Piper Sandler decreased their price objective on shares of D-Wave Quantum from $12.00 to $6.00 in a report on Thursday, November 10th. Roth Capital decreased their price objective on shares of D-Wave Quantum from $20.00 to $10.00 in a report on Thursday, November 10th.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $1.25 on Tuesday. The stock’s fifty day moving average price is $1.88. D-Wave Quantum has a 1 year low of $1.02 and a 1 year high of $13.23.

D-Wave Quantum (NYSE:QBTS – Get Rating) last posted its quarterly earnings results on Thursday, November 10th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.04. The firm had revenue of $1.70 million for the quarter, compared to the consensus estimate of $2.00 million. Equities research analysts anticipate that D-Wave Quantum will post -0.49 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Steven M. West purchased 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The shares were acquired at an average cost of $2.55 per share, for a total transaction of $63,750.00. Following the completion of the purchase, the director now owns 54,021 shares of the company’s stock, valued at approximately $137,753.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 14.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of the business. PenderFund Capital Management Ltd. acquired a new position in shares of D-Wave Quantum in the third quarter valued at about $8,137,000. Credit Suisse AG acquired a new position in shares of D-Wave Quantum in the third quarter valued at about $228,000. Finally, Barclays PLC acquired a new position in shares of D-Wave Quantum in the third quarter valued at about $123,000. 10.36% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Launch, a quantum computing onboarding service; Ocean a full suite of open-source programming 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.