D-Wave Quantum ( (QBTS) ) has fallen by -10.85%. Read on to learn why.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
D-Wave Quantum has experienced a notable decline in its stock price, dropping by 10.85% over the past week. This downturn comes despite positive analyst sentiment and increased price targets from several firms, including Cantor Fitzgerald and B. Riley. Analysts have praised D-Wave’s hybrid quantum computing platform and its potential to capture significant market share by 2035. However, the company’s recent earnings report revealed a widening net loss, which may have contributed to the stock’s recent decline.
The company’s financial performance showed a 100% year-over-year increase in revenue, reaching $3.7 million, but this was accompanied by higher non-cash charges leading to a broader loss. Despite the financial challenges, analysts remain optimistic about D-Wave’s long-term prospects, with several raising their price targets. Cantor Fitzgerald, for instance, doubled its price target to $40, citing the company’s growing traction in the quantum computing market and its real commercial applications.
Insider sentiment, however, appears to be negative, with increased insider selling observed in recent months. This insider activity, combined with the company’s financial losses, may have fueled investor concerns, contributing to the stock’s decline. Nonetheless, D-Wave Quantum continues to receive buy ratings from analysts who see potential in its commercial momentum and technological advancements.