D-Wave Quantum (NYSE:QBTS) Reaches New 12-Month High - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as $4.19 and last traded at $4.01, with a volume of 16475082 shares. The stock had previously closed at $3.77.

Analysts Set New Price Targets

QBTS has been the topic of several recent research reports. Westpark Capital reaffirmed a "buy" rating and set a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Benchmark decreased their price objective on D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Monday, August 12th. Roth Mkm dropped their target price on D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley increased their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research note on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $2.88.

D-Wave Quantum Trading Up 34.4 %

The firm has a market cap of $1.13 billion, a PE ratio of -12.05 and a beta of 1.79. The firm has a fifty day simple moving average of $1.55 and a two-hundred day simple moving average of $1.24.

Institutional Trading of D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of 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 in the last quarter. Penserra Capital Management LLC lifted its holdings in 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 buying an additional 839,942 shares during the period. Squarepoint Ops LLC bought a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $163,000. Bank of New York Mellon Corp purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $251,000. Finally, Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $45,000. Institutional investors 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.