D-Wave Quantum (NYSE:QBTS) Reaches New 1-Year High – Still a Buy?

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

Wall Street Analyst Weigh In

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

D-Wave Quantum Stock Performance

The stock’s 50-day moving average is $3.41 and its 200 day moving average is $1.86. The firm has a market cap of $2.22 billion, a P/E ratio of -23.60 and a beta of 1.79.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 10,081,459 shares of company stock worth $45,337,894 over the last ninety days. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the company. Barclays PLC lifted its position in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares in the last quarter. Penserra Capital Management LLC increased its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the third quarter valued at $49,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.