D-Wave Quantum (QBTS) stock has rallied about 105% year-to-date, against the S&P 500’s (SPX) gain of nearly 8%. QBTS is known for its Advantage quantum computer, which features over 5,000 qubits and 15-way qubit connectivity, and can handle large, complex problems easily. Also, it is working on special cooling technology to help its quantum processors run better. Despite the share price gain, technical indicators suggest that D-Wave Quantum stock is a Strong Buy, which implies further upside from current levels.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
QBTS builds and offers quantum computers to help solve complex problems for businesses and researchers.
Analyzing QBTS Stock’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, D-Wave stock is currently on an upward trend. The Moving Average Convergence Divergence (MACD) indicator, which helps understand momentum and potential price changes, signals a Buy.
Further, the stock’s 50-day Exponential Moving Average (EMA) is 15.98, while its price is $17.22, implying a bullish signal. Also, its shorter-duration EMA (20 days) signals an uptrend.
Moreover, the Rate of Change (ROC) is a momentum-based technical indicator. It measures the percentage change in a stock’s price between the current price and the price from a specific number of periods ago. Typically, a ROC above zero confirms an uptrend. QBTS stock currently has an ROC of 8.22, which signals a Buy.
Another technical indicator, Williams %R, helps traders see if a stock is overbought or oversold. For D-Wave, Williams %R currently shows a Buy signal, suggesting the stock is not overbought and has room to run.
Is QBTS Stock a Good Buy?
Turning to Wall Street, D-Wave Quantum stock has a Strong Buy consensus rating based on 10 Buys assigned in the last three months. At $21, the average QBTS stock price target implies a 22.52% upside potential.
