D-Wave Quantum (NYSE:QBTS) Price Target Raised to $10.00

D-Wave Quantum (NYSE:QBTS) had its price objective increased by Roth Mkm from $7.00 to $10.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on QBTS. Needham & Company LLC reissued a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. B. Riley raised their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

Shares of QBTS stock opened at $10.19 on Friday. The firm has a fifty day moving average of $6.07 and a two-hundred day moving average of $3.91. The firm has a market cap of $2.74 billion, a P/E ratio of -24.25 and a beta of 1.12. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.41.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock worth $53,438,181 in the last three months. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter worth about $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. increased its stake in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the period. Institutional investors own 42.47% of the company’s stock.

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.