D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw unusually-strong trading volume on Wednesday . Approximately 4,452,002 shares changed hands during mid-day trading, a decline of 21% from the previous session’s volume of 5,646,583 shares.The stock last traded at $2.75 and had previously closed at $2.70.

Wall Street Analysts Forecast Growth

QBTS has been the subject of several analyst reports. B. Riley boosted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research report on Friday, August 9th. Benchmark lowered their price target on 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. Finally, Roth Mkm dropped their price target 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $2.88.

D-Wave Quantum Stock Performance

The company has a market cap of $613.80 million, a price-to-earnings ratio of -6.52 and a beta of 0.96. The business’s 50 day moving average price is $1.34 and its 200-day moving average price is $1.18.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of the stock. Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the 3rd 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 in the last quarter. State Street Corp grew its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after purchasing an additional 162,688 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in D-Wave Quantum during the 2nd quarter valued at about $265,000. 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.