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

D-Wave Quantum Inc. (NYSE:QBTS) shares saw strong trading volume on Monday . 33,554,500 shares changed hands during trading, an increase of 392% from the previous session’s volume of 6,815,465 shares.The stock last traded at $4.99 and had previously closed at $5.06.

Analyst Ratings Changes

QBTS has been the subject of several research analyst reports. B. Riley upped 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 reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm cut 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. Finally, Benchmark lowered their price objective 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, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Trading Down 7.9 %

The company has a market cap of $1.04 billion, a price-to-earnings ratio of -11.26 and a beta of 1.77. The company’s 50 day moving average price is $1.63 and its 200 day moving average price is $1.26.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in QBTS. State Street Corp boosted its stake 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 buying an additional 17,225 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $28,000. Instrumental Wealth LLC lifted its stake in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during the period. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the second quarter worth about $45,000. Finally, SG Americas Securities LLC acquired a new position in D-Wave Quantum during the third quarter worth about $42,000. Hedge funds and other 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.