D-Wave Quantum stock has gained over 560% in the past six months against the S&P 500’s (SPX) decline of nearly 11%. 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, QBTS is benefiting from strong partnerships with companies like Zapata Computing. Despite the share price gain, technical indicators suggest that D-Wave Quantum stock is a Strong Buy, which implies further upside from current levels.
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, QBTS stock is currently on an upward trend. The stock’s 50-day Exponential Moving Average (EMA) is 5.39, while its price is $6.34, implying a bullish signal. Further, its shorter duration EMA (20 days) also 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 560.42, which signals a Buy.
Is QBTS Stock a Good Buy?
Turning to Wall Street, D-Wave Quantum stock has a Strong Buy consensus rating based on 5 Buys assigned in the last three months. At $9.50, the average QBTS stock price target implies a 49.84% upside potential.
