Quantum computing company D-Wave Quantum (QBTS) continues its huge stock rally today with shares rising another 21.02% as of this writing. Investors will note this comes after the stock gained 44.6% during normal trading hours yesterday. This movement comes alongside increasing interest in quantum computing after Alpahbet’s (GOOGL) Google announced a major breakthrough for its Willow quantum computer last week.
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That initial announcement sent shares of quantum computing stocks higher and more news is spurring this week’s movement. That includes claims from Google Quantum AI team founder Hartmut Neven that Willow’s performance lends credence to the multiverse theory. He says it’s possible that “quantum computation occurs in many parallel universes.”
What This Means for OBTS Stock
All of this hype surrounding Willow, quantum computing, and a potential multiverse brings extra attention to stocks in the sector. In the case of D-Wave Quantum, this comes with extremely high trading volumes as investors buy up its shares.
For example, more than 163.9 million shares of OBTS stock changed hands during normal trading hours yesterday. That’s well above its three-month daily average trading volume of 20.51 million shares. The stock isn’t seeing as much movement today with only 5.2 million shares traded as of this writing, but could still surpass its daily average.
The recent rally of QBTS shares makes it an incredibly volatile stock and a potentially risky trade. Especially as shares have already risen 792.05% year-to-date. The stock has potentially already topped out in 2024 and could see a major price adjustment when the Willow hype wanes.
Is OBTS Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for D-Wave Quantum is Strong Buy based on five Buy ratings over the last three months. With that comes an average price target of $4.19, a high of $7, and a low of $2.25. This represents a potential 46.62% downside for OBTS shares.
