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

D-Wave Quantum Inc. (NYSE:QBTS) 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.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Trading Up 0.3 %

The company’s 50 day moving average is $3.24 and its 200 day moving average is $1.79. The company 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 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The stock was 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 directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 10,081,459 shares of company stock worth $45,337,894 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently made changes to their positions in the company. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the second quarter worth about $45,000. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $42,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter worth approximately $49,000. Rhumbline Advisers bought a new position in shares of D-Wave Quantum during the second quarter valued at approximately $93,000. Finally, Barclays PLC increased its holdings in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the period. Hedge funds and other institutional investors 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.