D-Wave Quantum Inc. (NYSE:QBTS) Lowered Target Price Amid Analyst Recommendations

Shares of D-Wave Quantum Inc. (NYSE:QBTS) have received a favorable outlook from analysts, with an average recommendation of "Buy" from six research firms currently covering the stock, according to recent reports. These analysts have collectively assigned a consensus 1-year target price of $6.71 for the company.

Several brokerage firms have recently provided insights on QBTS. For instance, Needham & Company LLC reaffirmed a "buy" rating and set a price target of $2.25 on D-Wave Quantum shares in a report on November 15th. B. Riley recently raised their price target from $9.00 to $11.00 while maintaining a "buy" rating, as noted in a report dated February 14th. Furthermore, Craig Hallum increased its price objective from $2.50 to $9.00 and also issued a "buy" rating in a research note on December 20th. Benchmark reiterated a "buy" rating and set a target price of $8.00 on January 14th, and Roth MKM adjusted their target from $3.00 to $7.00, similarly rating the stock as a "buy" in a report on December 12th.

D-Wave Quantum's Stock Performance

The stock opened at $5.20 on a recent Friday. The company has a 50-day moving average of $6.31 as well as a 200-day moving average of $3.71. Over the past year, the stock has experienced a low of $0.75 and a high of $11.41. With a market capitalization of $1.40 billion, D-Wave Quantum currently shows a PE ratio of -12.37 and a beta of 1.12.

Insider Trading Activity

In recent insider trading developments, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum on December 20th at an average price of $6.68, resulting in a transaction valued at $6,680,000. In another transaction, CEO Alan E. Baratz sold 8,372 shares on January 23rd at an average price of $5.27, totaling approximately $44,120. Following this sale, the CEO now holds 2,342,208 shares worth around $12,343,436. The company has seen a total insider sale of 20,152,665 shares valued at $92,096,075 over the last ninety days, with company insiders owning about 7.22% of the stock.

Institutional Investor Activity

Recent trading activity shows several institutional investors have been active with D-Wave Quantum shares. Fourth Dimension Wealth LLC made a new investment during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. also initiated a new stake worth about $38,000, while Heritage Wealth Advisors acquired shares for around $67,000. Kingsview Wealth Management LLC purchased new shares valued at approximately $84,000, and Summit Investment Advisors Inc. increased its stake by 20.6% in the fourth quarter, now holding 10,347 shares worth around $87,000. Overall, institutional investors own roughly 42.47% of D-Wave Quantum’s stock.

Company Overview

D-Wave Quantum Inc. specializes in the development and delivery of quantum computing systems, software, and services on a global scale. The company offers the Advantage, a fifth-generation quantum computer; Ocean, which is a suite of open-source Python tools; and Leap, a cloud service that allows real-time access to a live quantum computer.

D-Wave, Quantum, Stock