The Week

D-Wave Quantum (QBTS) closed the week +1.33% at $16.80, while the S&P 500 fell 0.80%, leaving the stock about 2.13 percentage points ahead of the benchmark. The pattern was a spike and fade: Tuesday (8 Sep) opened at $17.70 and hit an intraday high of $18.48 before closing at $17.67. Wednesday and Thursday pulled back to $17.12 and $16.66 respectively, and Friday (11 Sep) touched $16.53 before recovering to close at $16.80. Weekly amplitude was 11.02%, and average daily volume of roughly 19.2m shares ran 14.06% above the median, a clear pickup in activity.

Key Events

The main story line this week was the US CHIPS Act award. On 8 Sep, D-Wave announced access to up to $100m in funding under a Commerce agreement, and peer Rigetti also climbed on a $100m government contract, lifting the wider quantum computing complex. QBTS rose more than 10% intraday at one point. On 9 Sep, the company amended its 8-K to disclose issuing about 7.1m shares to the US government at $14.09 per share. On 11 Sep it filed a prospectus covering the Commerce Department’s resale of 7,095,721 shares. A director also sold 1,100 shares worth about $19.8k, a small routine disposal.

Analyst Ratings

As of 11 Sep, 17 brokers cover D-Wave: 15 rate it buy, 1 rate it overweight, and 1 rate it hold, with no sell or underweight ratings. The consensus recommendation is strong buy, and the consensus target of $35.24 sits about 109.74% above the spot price of $16.80. Target prices range from $22.00 to $43.00, pointing to wide disagreement. Within application software, the stock ranks 39th out of 199 names for broker rating strength.

The Week Ahead

Next week turns to US macro releases. The New York Fed manufacturing index lands on 15 Sep, with the prior reading at 20.6 and the consensus at 14.75. On 16 Sep come retail sales, retail sales ex-autos, import prices, the NAHB housing market index, and EIA crude inventories. High-beta growth names such as QBTS can be sensitive to macro-driven shifts in risk appetite, so these prints are worth watching alongside sector flows.

In Short

The dominant tone around D-Wave this week is a strong buy consensus with a target roughly 110% above spot, reinforced by a CHIPS Act award that adds a degree of certainty. But target prices span nearly a 2x range, signalling real disagreement on valuation, and the shares faded after the headline news. The latest session’s flow data show net selling across large and small orders. What matters next is whether the stock can stabilise against the overhang of the Commerce share resale and sector rotation, and how macro data shape risk appetite for growth names.

This article is generated by LongbridgeAI from market data, for information only and not investment advice.