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

D-Wave Quantum Inc. (NYSE:QBTS) shares reached a new 52-week high on Tuesday . The company traded as high as $11.95 and last traded at $11.21, with a volume of 208468744 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on QBTS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday. Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The company has a market cap of $3.02 billion, a price-to-earnings ratio of -26.68 and a beta of 1.12. The stock has a 50-day moving average price of $6.09 and a 200 day moving average price of $3.98.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,071,206 shares of company stock worth $53,438,181. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the company. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. State Street Corp lifted its position in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares in the last quarter. 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 boosted 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 buying an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the fourth quarter valued at approximately $820,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.