D-Wave Quantum (NYSE:QBTS) Reaches New 12-Month High – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock 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 Ratings Changes

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

D-Wave Quantum Trading Up 10.4 %

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

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction that occurred on 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 document filed with the SEC, which is available through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,071,206 shares of company stock worth $53,438,181. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE boosted its position in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at $20,258,000. Penserra Capital Management LLC raised its position in shares of 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 last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. Institutional investors and hedge funds 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.