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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price reached a new 52-week high during trading on Tuesday . The company 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 research firms have commented on QBTS. Needham & Company LLC reissued a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Roth Mkm upped 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. 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 research note on Friday, December 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Down 2.0 %

The business has a fifty day moving average of $6.20 and a 200 day moving average of $4.09. The firm has a market cap of $2.85 billion, a P/E ratio of -25.20 and a beta of 1.12.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction dated Thursday, January 23rd. The stock was 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 directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of the business. Summit Investment Advisors Inc. increased its holdings in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. Invesco Ltd. grew its holdings in shares of D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after buying an additional 2,051 shares in the last quarter. Corebridge Financial Inc. grew its holdings in shares of D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after buying an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum during the fourth quarter worth about $26,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after buying an additional 3,660 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.