D-Wave Quantum (NYSE:QBTS) Hits New 1-Year High – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price hit a new 52-week high on Friday . The stock traded as high as $11.41 and last traded at $11.21, with a volume of 36567919 shares traded. The stock had previously closed at $9.90.

Analysts Set New Price Targets

QBTS has been the subject of a number of recent research reports. B. Riley boosted their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Benchmark raised their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Price Performance

The firm has a 50-day moving average of $3.24 and a 200-day moving average of $1.79. The stock has a market cap of $2.22 billion, a PE ratio of -23.64 and a beta of 1.79.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 10,081,459 shares of company stock worth $45,337,894 in the last three months. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new position in D-Wave Quantum during the second quarter valued at approximately $251,000. Rhumbline Advisers bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $93,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $45,000. XTX Topco Ltd bought a new stake in D-Wave Quantum in the second quarter worth $163,000. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum during the second quarter valued at $265,000. 42.47% of the stock is 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.