Shares of quantum computing stocks, including IonQ, Inc. (NASDAQ:IONQ), Rigetti Computing, Inc. (NASDAQ:RGTI) and D-Wave Quantum Inc. (NASDAQ:QBTS) are trending higher Tuesday Wedbush initiated coverage on the sector.
IonQ stock is taking a breather. What’s the outlook for IONQ shares?
What To Know: Wedbush initiated coverage on IonQ with an Outperform rating and a price target of $60. The firm said even though the quantum computing hardware company’s technology is in “its nascent stages,” it’s encouraging that Wedbush’s sales nearly doubled between 2023 and 2024, going from $22 million to $43 million. The firm says sales are projected to more than double in 2025, reaching more than $100 million.
Wedbush also initiated coverage on Rigetti Computing, giving the stock an Outperform rating and a price target of $35. The firm’s optimism on Rigetti Computing stems from its advanced chiplets and vertically integrated production. Wedbush analyst Antoine Legault also said the company has a longer term road map that’ll bring it to more than a thousand qubits, which measure computing power, by 2027.
Lastly, Wedbush initiated coverage on D-Wave Quantum, giving the stock an Outperform and a price target of $35. The firm said that even though D-Wave Quantum is in its infancy, the quantum computing sector is on the cusp of broad commercial adoption. D-Wave Quantum is well-positioned for this wave, as it builds computers that use quantum computing for enterprises and research institutions.
IONQ Price Action: IonQ shares were up 0.89%, trading at $50.11 at the time of publication, according to Benzinga Pro.
RGTI Price Action: Rigetti Computing shares were up 2.67%, trading at $24.60 at the time of publication, according to Benzinga Pro.
QBTS Price Action: D-Wave Quantum shares were up 1.76%, trading at $25.97 at the time of publication, according to Benzinga Pro.
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