D-Wave Quantum (QBTS) Stock Rises 3% as Top Analyst Stands by Outperform Rating
TLDR
- QBTS rose 2.5% to $20.74 on Wednesday, with trading volume well below average.
- Mizuho kept its Outperform rating but trimmed its price target to $29 from $35 after a soft quarter.
- Q2 revenue came in at $3.1 million, missing the $4 million estimate; bookings fell 94% from the prior quarter.
- D-Wave secured up to CAD $300,000 in funding from Canadaโs National Research Council for quantum software development.
- The consensus analyst rating is Strong Buy, with an average price target of $35.79, implying around 73% upside.
D-Wave Quantum (QBTS) closed at $20.74 on Wednesday, up 2.52% on the day. Volume came in at around 13.2 million, roughly 55% below the average session.
The move came as Mizuho analyst Vijay Rakesh reiterated his Outperform rating on the stock, though he cut his price target to $29 from $35. The revision followed a second quarter that came in below expectations on both revenue and bookings.
D-Wave posted Q2 revenue of $3.1 million against a consensus estimate of $4 million. Bookings were approximately $2.1 million, down 94% from the prior quarter, though up 59% from a year earlier.
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