D-Wave Quantum (NYSE:QBTS) Sets New 1-Year High – Still a Buy?

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

Wall Street Analyst Weigh In

QBTS has been the subject of several analyst reports. Westpark Capital restated a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Roth Mkm reduced their price target on shares of 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 restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reduced their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, B. Riley boosted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Price Performance

The stock’s fifty day moving average is $1.55 and its 200-day moving average is $1.24. The stock has a market capitalization of $1.00 billion, a PE ratio of -9.76 and a beta of 1.79.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC boosted its stake in shares of 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 valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the period. Marshall Wace LLP purchased a new position in shares of D-Wave Quantum in the second quarter valued at approximately $265,000. Bank of New York Mellon Corp purchased a new position in D-Wave Quantum in the second quarter worth approximately $251,000. Finally, Vanguard Group Inc. lifted its stake in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after acquiring an additional 162,688 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.