D-Wave Quantum (NYSE:QBTS) Hits New 52-Week High – Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) reached a new 52-week high during trading on Monday . The stock traded as high as $5.43 and last traded at $5.43, with a volume of 21429819 shares changing hands. The stock had previously closed at $5.00.

Analysts Set New Price Targets

Several analysts have weighed in on QBTS shares. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley boosted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, 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 report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $3.71.

D-Wave Quantum Price Performance

The company has a market capitalization of $1.87 billion, a P/E ratio of -19.93 and a beta of 1.79. The company has a 50 day moving average of $2.26 and a 200-day moving average of $1.47.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth $42,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the second quarter valued at $45,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum in the 3rd quarter worth about $49,000. Instrumental Wealth LLC raised its position in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after buying an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in D-Wave Quantum during the 2nd quarter valued at about $93,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Company Profile

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.