NEW YORK – Shares of D-Wave Quantum Inc. (NYSE: QBTS), a company at the forefront of quantum computing, are experiencing a highly volatile trading session today, marked by sharp price swings and significant volume. As of 10:17 AM EDT, the stock was trading at 0.13 (+0.89%).
However, the headline number belies the day’s intense activity. The stock opened for trading and immediately surged to a high of $14.49 before facing strong selling pressure that pushed it back down. This tug-of-war between buyers and sellers has created a wide trading range for the day, from a low of $13.83 to the high of $14.49.
Key data points for today’s session:
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Intense Volume: Over 10.3 million shares have already changed hands in the first hour of trading, a significant portion of its high average volume of 65.3 million.
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Wide Day’s Range: The stock’s journey from $13.83 to $14.49 highlights the significant intraday volatility.
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Analyst Target: The 1-year analyst target estimate for QBTS stands at $16.00, suggesting potential upside from current levels.
Should You Buy or Sell QBTS Stock Today?
The volatile nature of D-Wave’s stock presents both opportunities and risks for traders and investors.
For Potential Buyers: The high-growth potential of the quantum computing sector makes QBTS an attractive, albeit speculative, investment. Traders who thrive on volatility might see the dips as buying opportunities, aiming for a retest of the day’s high. The stock is currently holding above its previous close of $14.02, which could be seen as a short-term level of support.
For Current Holders (Sellers): The sharp rejection from the $14.49 high indicates that there is significant selling pressure at that level. Given that the company is not yet profitable (EPS of -0.66) and the stock is inherently speculative, this could be a prudent time for short-term traders to take profits, especially after the quick morning spike.
Final Opinion
D-Wave Quantum is a pure-play in the revolutionary field of quantum computing, making its stock a high-risk, high-reward proposition. Today’s price action is a clear reflection of this dynamic. The battle between bulls and bears is on full display.
For the remainder of the day, investors should watch two key levels: the day’s high of 14.02 as a potential support line. A sustained move above the high could signal that buyers are back in control, while a drop below support might indicate that sellers have the upper hand. The stock’s trajectory will likely remain choppy as the market digests its next move.
