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

D-Wave Quantum Inc. (NYSE:QBTS) shares saw an uptick in trading volume on Wednesday . 4,452,002 shares were traded during 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

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

D-Wave Quantum Trading Up 1.9 %

The stock has a 50-day moving average of $1.27 and a 200 day moving average of $1.15.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in the stock. State Street Corp raised its position in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $28,000. Instrumental Wealth LLC boosted its position in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $45,000. Finally, SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the 3rd quarter valued at $42,000. 42.47% of the stock is owned by institutional investors.

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.