D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares saw an uptick in trading volume on Tuesday . 7,115,622 shares were traded during mid-day trading, an increase of 19% from the previous session’s volume of 5,957,723 shares.The stock last traded at $2.60 and had previously closed at $2.76.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on QBTS shares. Westpark Capital reissued a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a report on Friday, August 9th. B. Riley increased their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark cut their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Roth Mkm lowered their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $2.88.

D-Wave Quantum Stock Down 2.2 %

The company has a market cap of $604.83 million, a P/E ratio of -6.10 and a beta of 1.77. The business has a 50-day moving average price of $1.38 and a two-hundred day moving average price of $1.18.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 23.0% during the 3rd 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 period. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Marshall Wace LLP bought a new position in shares of D-Wave Quantum in the 2nd quarter worth $265,000. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum during the second quarter worth $251,000. Finally, Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 17.9% during the first 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 during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.