D-Wave Quantum (NYSE:QBTS) Reaches New 1-Year High - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $12.49 and last traded at $10.89, with a volume of 50602671 shares changing hands. The stock had previously closed at $11.08.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Benchmark raised their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday. Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Needham & Company LLC increased their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, B. Riley lifted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Price Performance

The firm has a 50-day moving average price of $7.73 and a two-hundred day moving average price of $5.98. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -25.59 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently made changes to their positions in the stock. Barclays PLC lifted its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after buying an additional 89,894 shares during the period. Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter worth approximately $179,000. Arkadios Wealth Advisors bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $162,000. Traynor Capital Management Inc. bought a new position in D-Wave Quantum in the fourth quarter worth approximately $219,000. Finally, Veracity Capital LLC bought a new stake in D-Wave Quantum during the fourth quarter valued at about $228,000. Institutional investors own 42.47% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.