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

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Westpark Capital reiterated 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 cut their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Benchmark decreased 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 research report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $2.63.

D-Wave Quantum Stock Performance

The business’s 50 day simple moving average is $1.19 and its 200 day simple moving average is $1.13.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft acquired a new stake in D-Wave Quantum during the 2nd quarter valued at $28,000. SG Americas Securities LLC purchased a new position in shares of D-Wave Quantum during the third quarter valued at $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter valued at $45,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum during the third quarter valued at $49,000. Finally, Instrumental Wealth LLC purchased a new stake in D-Wave Quantum in the 1st quarter worth about $60,000. Hedge funds and other 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.