D-Wave Quantum (NYSE:QBTS) Hits New 12-Month High – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares reached a new 52-week high on Monday . The stock traded as high as $5.43 and last traded at $5.43, with a volume of 21429819 shares changing hands. The stock had previously closed at $5.00.

Wall Street Analyst Weigh In

Several brokerages have commented on QBTS. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $3.71.

D-Wave Quantum Trading Up 15.8 %

The business has a fifty day moving average of $2.26 and a 200-day moving average of $1.47. The firm has a market cap of $1.87 billion, a PE ratio of -19.93 and a beta of 1.79.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum in the 2nd quarter worth $45,000. SG Americas Securities LLC bought a new position in D-Wave Quantum in the third quarter valued at $42,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the third quarter valued at about $49,000. Instrumental Wealth LLC lifted its stake in D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth about $93,000. 42.47% of the stock is currently owned by 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.