D-Wave Quantum (NYSE:QBTS) Hits New 52-Week High - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $5.43 and last traded at $5.43, with a volume of 21429819 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QBTS shares. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday. Finally, B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $3.71.

D-Wave Quantum Price Performance

The firm's 50-day moving average is $2.11 and its two-hundred day moving average is $1.42. The company has a market cap of $1.62 billion, a P/E ratio of -17.18 and a beta of 1.79.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the transaction, the insider now directly owns 18,730,193 shares of the company's stock, valued at $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock valued at $2,183,000 after purchasing an additional 162,688 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the second quarter valued at approximately $251,000. Instrumental Wealth LLC raised its holdings in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after buying an additional 25,067 shares during the period. Rhumbline Advisers purchased a new stake in shares of D-Wave Quantum in the second quarter worth approximately $93,000. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $45,000. 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.