Analysts Set D-Wave Quantum Inc. (NYSE:QBTS) PT at $38.21

D-Wave Quantum Inc. (NYSE:QBTS) has received an average recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $38.2143.

A number of equities analysts have recently issued reports on the stock. Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a research report on Monday, November 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, January 28th. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Mizuho started coverage on D-Wave Quantum in a research report on Thursday, December 11th. They issued an “outperform” rating and a $46.00 target price for the company. Finally, Wedbush initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 target price on the stock.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $982,464.78. Following the completion of the transaction, the chief executive officer directly owned 2,598,150 shares in the company, valued at $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Markovich sold 9,179 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $257,562.74. Following the completion of the transaction, the chief financial officer directly owned 1,462,133 shares in the company, valued at $41,027,451.98. This trade represents a 0.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,074,466 shares of company stock valued at $31,558,806 over the last ninety days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in QBTS. Baird Financial Group Inc. lifted its position in D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after purchasing an additional 1,300 shares in the last quarter. Royal Bank of Canada grew its position in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after acquiring an additional 60,668 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after acquiring an additional 52,437 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after acquiring an additional 24,382 shares during the period. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 3.6%

Shares of NYSE:QBTS opened at $18.69 on Friday. The company has a fifty day moving average of $24.58 and a 200-day moving average of $24.96. The company has a market capitalization of $6.91 billion, a PE ratio of -13.85 and a beta of 1.56. D-Wave Quantum has a 52-week low of $4.45 and a 52-week high of $46.75. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.