Benchmark Forecasts Strong Price Appreciation for D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum (NYSE:QBTS) had its price target boosted by analysts at Benchmark from $8.00 to $14.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price target points to a potential upside of 26.13% from the stock’s previous close.

Several other research analysts have also recently issued reports on QBTS. Needham & Company LLC increased their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a report on Friday. Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, B. Riley increased their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $10.17.

D-Wave Quantum Stock Up 6.5%

QBTS stock opened at $11.10 on Monday. The company’s fifty day simple moving average is $7.41 and its 200 day simple moving average is $5.84. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -26.43 and a beta of 0.90. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.95.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. Research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current year.

Institutional Trading of D-Wave Quantum

Institutional investors have recently modified their holdings of the company. Barclays PLC boosted its position in shares of 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 acquiring an additional 89,894 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $179,000. Arkadios Wealth Advisors purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $162,000. Traynor Capital Management Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $219,000. Finally, Veracity Capital LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $228,000. 42.47% of the stock is currently owned by 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.