D-Wave Quantum (NYSE:QBTS) Reaches New 12-Month High – Time to Buy?

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Roth Mkm lowered their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Benchmark reduced their target price on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. 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 research report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $2.88.

D-Wave Quantum Price Performance

The firm has a 50-day moving average of $1.63 and a 200-day moving average of $1.26. The stock has a market cap of $1.13 billion, a PE ratio of -12.05 and a beta of 1.79.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. Baader Bank Aktiengesellschaft purchased a new stake in D-Wave Quantum during the second quarter valued at approximately $28,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum during the second quarter worth $45,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum during the third quarter worth $42,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at $49,000. Finally, Instrumental Wealth LLC lifted its holdings in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.