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

D-Wave Quantum (NYSE:QBTS) had its price objective hoisted by Roth Mkm from $7.00 to $10.00 in a report released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on the company. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Craig Hallum raised 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. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday. Finally, Needham & Company LLC restated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Trading Up 47.4 %

QBTS opened at $10.19 on Friday. The stock has a fifty day simple moving average of $6.07 and a two-hundred day simple moving average of $3.86. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -24.25 and a beta of 1.12. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.41.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock valued at $53,438,181 over the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Ameriflex Group Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $205,000. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $26,000. Voloridge Investment Management LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $2,063,000. Squarepoint Ops LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $1,989,000. Finally, Tidal Investments LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $104,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.