D-Wave Quantum (NYSE:QBTS) Given New $8.00 Price Target at Benchmark

D-Wave Quantum (NYSE:QBTS) had its price target hoisted by research analysts at Benchmark from $3.00 to $8.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 8.11% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday. Finally, B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Trading Up 16.2 %

QBTS stock traded up $1.03 during mid-day trading on Friday, hitting $7.40. The stock had a trading volume of 90,757,468 shares, compared to its average volume of 11,119,278. The firm has a fifty day simple moving average of $2.53 and a 200 day simple moving average of $1.55. The firm has a market capitalization of $1.66 billion, a P/E ratio of -17.62 and a beta of 1.79. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $10.50.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Barclays PLC raised its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% during the third 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. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Penserra Capital Management LLC raised its holdings in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after acquiring an additional 839,942 shares in the last quarter. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter worth approximately $49,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.