On August 21, D-Wave Quantum Inc. rose 5.96% in regular trading, trading at $20.01/share, with turnover of $56.90 million. The rally was driven by BMO Capital initiating coverage of the stock with an Outperform rating.

According to FactSet, analysts polled have assigned D-Wave Quantum Inc. an average rating of Buy with a mean price target of $35.73, representing significant upside of approximately 78% from the current trading level. The positive initiation arrives as the stock had been under pressure following its Q2 earnings report released on August 6, which showed EPS of -$0.13 missing the consensus estimate of -$0.10 by 30%, while revenue of $3.076 million fell short of the $4.025 million estimate. The per-share loss widened 62.5% year-over-year, raising concerns about the pace of commercialization.

D-Wave Quantum Inc. is a pioneer in quantum computing, offering a full stack of quantum computing systems, software, and services, with a focus on commercial-grade quantum solutions for enterprise adoption.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)