D-Wave Quantum (NYSE:QBTS) Sets New 52-Week High – Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $2.61 and last traded at $2.54, with a volume of 33280977 shares. The stock had previously closed at $1.97.

Analyst Ratings Changes

Several equities analysts have recently commented on QBTS shares. Benchmark lowered their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Westpark Capital restated a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Roth Mkm dropped their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $2.63.

D-Wave Quantum Stock Up 48.7 %

The stock’s fifty day moving average is $1.19 and its 200-day moving average is $1.13.

Institutional Trading of D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Barclays PLC lifted 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 worth $117,000 after purchasing an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its holdings in D-Wave Quantum by 33.8% during 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 last quarter. State Street Corp raised its position in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. Penserra Capital Management LLC lifted 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 worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth $49,000. Institutional investors own 42.47% of the company’s stock.

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.