D-Wave Quantum (QBTS) stock dipped 2% after the company posted mixed second-quarter results. The adjusted loss came in at $0.08 per share, wider than the Street’s forecast of a $0.05 loss. On the positive side, revenue rose 42% year-over-year to $3.1 million, beating expectations of $2.54 million. Despite the pullback, Piper Sandler’s top-rated analyst Harsh Kumar raised his price target on the stock from $13 to $22 and reiterated an Overweight rating, citing growing traction in the company’s quantum initiatives.
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Analyst Sees Strong Execution and Growing Customer Reach
The 5-star analyst said D-Wave’s revenue came in slightly above expectations, helped by early interest in its new product, the Advantage2 system, which was launched in the June quarter. He noted that this system is helping the company tap into new business areas and marks solid progress in its product line.
He also pointed out that D-Wave now works with over 100 customers across both commercial and government sectors. According to Kumar, this rise in customer count shows steady demand for the company’s quantum tools and growing trust in its technology.
Kumar further highlighted D-Wave’s work on a gate-model quantum system. While the company is known for its annealing-based platform, this new system is aimed at solving tougher problems, such as those found in quantum chemistry and 3D fluid flows, which can’t be handled by annealing alone. He sees this as a sign that D-Wave is building solutions for a wider set of real-world uses.
Overall, Kumar said he remains positive on D-Wave’s performance and sees more room for growth as it adds new products and customers.
Is QBTS Stock a Good Buy?
Turning to Wall Street, D-Wave Quantum stock has a Strong Buy consensus rating based on ten Buys assigned in the last three months. At $21.00, the average QBTS stock price target implies a 22.31% upside potential.
