Quantum Stock Tracker: Rigetti, D-Wave Climb On Bullish Coverage

Some quantum stocks pulled back from all-time highs this week as investors rotated out of speculative names and into more defensive positions. 

Other quantum names maintained the upward momentum as the sector remained in the spotlight. 

Here’s a look at the latest news in the quantum computing sector. 

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Bullish Coverage 

Analysts from BofA Securities and B. Riley updated their bullish coverage on quantum stocks this week. 

BofA analysts predicted the quantum computing market to grow to roughly $4 billion in value by 2030.

The analysts expect “a much more meaningful inflection in revenues” around the same time and added that the “promise of quantum computing is real,” according to Yahoo Finance. 

B. Riley analyst Craig Ellis raised his quantum sector price targets on Monday, noting that the industry’s technological advancements and commercial achievements are moving faster than even the firm’s earlier optimistic outlooks.

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Rigetti – RGTI 

B. Riley analysts raised the price target on Rigetti Computing, Inc. (NASDAQ: RGTI) from $19 to $35 while maintaining a Buy rating on the stock. 

Rigetti shares were up nearly 13% for the week. 

IonQ – IONQ 

On Tuesday, IonQ, Inc. (NYSE: IONQ) announced that it successfully demonstrated the frequency conversion of photons from visible wavelengths, used to interface with trapped barium ions, into telecom wavelengths on a prototype system.

The prototype demonstration is a major advancement in the company’s long-term vision for the quantum internet.

“Working closely with AFRL, we are the first quantum company to demonstrate the ability to convert visible signals to telecom wavelengths,” said Niccolo de Masi, chairman and CEO of IonQ.

Investor Martin Shkreli, popularly known as “Pharma Bro,” criticized IonQ and other quantum computing companies this week on social media. Read more here. 

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D-Wave Quantum – QBTS 

D-Wave Quantum, Inc. (NYSE: QBTS) fared better than some quantum peers this week and was trading up by more than 3% on Friday, according to data from Benzinga Pro. 

Ellis maintained a Buy rating on D-Wave and raised the price target from $22 to $33. 

The research note highlighted a 50% price target increase, expressing confidence in D-Wave’s prospects and its leadership in the quantum-computing sector.

Quantum Computing – QUBT

Quantum Computing, Inc. (NASDAQ: QUBT) closed an oversubscribed private placement on Thursday that raised $500 million by selling 26.87 million shares of common stock. 

The fresh capital brings QCi’s total cash position to about $850 million, reinforcing its ability to accelerate commercialization, pursue strategic acquisitions and ramp up manufacturing. 

“This successful $500 million offering, backed by strong support from both new and existing top-tier institutional investors, was priced at a significant premium compared to our four recent offerings,” said CEO Dr. Yuping Huang. 

QUBT stock was down by more than 12% on the week.

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