D-Wave Quantum (NYSE:QBTS) Reaches New 1-Year High - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) reached 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.

Analyst Ratings Changes

A number of research firms have recently issued reports on QBTS. Craig Hallum lifted their price objective 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. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley boosted their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Monday, November 25th. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research report on Thursday, December 12th. Finally, Benchmark lifted their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $5.63.

D-Wave Quantum Price Performance

The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -23.60 and a beta of 1.79. The firm's fifty day moving average is $3.41 and its 200-day moving average is $1.85.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 10,081,459 shares of company stock valued at $45,337,894. Insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its holdings in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after purchasing an additional 89,894 shares during the period. Geode Capital Management LLC grew its position 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 valued at $2,513,000 after buying an additional 645,039 shares during the last quarter. State Street Corp raised its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares during the period. Penserra Capital Management LLC raised its stake 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 acquiring an additional 839,942 shares during the period. Finally, Bogart Wealth LLC bought a new position in D-Wave Quantum in the third quarter worth about $49,000. 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.