D-Wave Quantum (NYSE:QBTS) Sets New 52-Week High – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $11.95 and last traded at $11.21, with a volume of 208468744 shares traded. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on QBTS shares. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm raised their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Trading Down 2.0 %

The company has a 50 day moving average price of $6.20 and a 200 day moving average price of $4.09. The company has a market capitalization of $2.85 billion, a P/E ratio of -25.20 and a beta of 1.12.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares in the company, valued at $228,891,144.32. The trade was a 6.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the business’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 $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock worth $53,438,181 in the last ninety days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Penserra Capital Management LLC raised its holdings in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after acquiring an additional 839,942 shares in the last quarter. State Street Corp raised its holdings in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Barclays PLC raised its holdings in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares in the last quarter. Geode Capital Management LLC raised its holdings in D-Wave Quantum by 33.8% in the 3rd 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 in the last quarter. Finally, Silverleafe Capital Partners LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at $820,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.