D-Wave Quantum (QBTS) is scheduled to announce its results for the fourth quarter of 2024 on Thursday, March 13. The company develops quantum computing systems, software, and services. QBTS stock has rallied more than 192% over the past year but is down 36% year to date due to the rising competition in the quantum computing space and macro uncertainties. Analysts expect D-Wave Quantum to report an adjusted loss per share of $0.06 in Q4 2024 on revenue of $2.23 million.
In comparison, the company reported an adjusted loss per share of $0.06 on revenue of $2.9 million in the prior-year quarter. While D-Wave’s bookings declined 22% in Q3 2024, the company said that it expects fourth-quarter bookings to improve on a sequential basis.
D-Wave Quantum claims to be the world’s first commercial supplier of quantum computers and the only company that builds both annealing and gate-model quantum computers.
Analysts’ Views Ahead of D-Wave Quantum’s Q4 Earnings
Analysts are upbeat about D-Wave Quantum’s prospects due to the growing interest in the quantum computing space.
Recently, B. Riley analyst Craig Ellis increased the price target for QBTS stock to $11 from $9 and reiterated a Buy rating. The five-star analyst believes that the addition of Microsoft’s (MSFT) “Quantum Ready” program to the Azure Quantum platform and the tech giant’s belief that 2025 will be “the year to become quantum-ready” could be potentially significant for the sentiment on the quantum computing sector.
Further, on Monday, Craig-Hallum analyst Richard Shannon reiterated a Buy rating on QBTS stock, reflecting his confidence in the company’s growth prospects.
Options Traders Anticipate Major Move on QBTS’ Q4 Earnings
Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.
Indeed, it currently says that options traders are expecting about 15.4% move in either direction in reaction to D-Wave Quantum’s Q4 2024 results.
Is QBTS Stock a Buy, Sell, or Hold?
Wall Street has a Strong Buy consensus rating on D-Wave Quantum stock based on five unanimous Buys. The average QBTS stock price target of $8.63 implies 60.4% upside potential.
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