D-Wave Quantum Stock (QBTS) Dives Despite Acquisition Aims
Shares in quantum computing stock D-Wave Quantum (QBTS) dropped 2% today despite announcing a $400 million stock sale to help it make profit boosting acquisitions.
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Going for Brokers
The group disclosed that it had entered into a sales agreement with brokers Needham, Evercore, TD Securities, Canaccord Genuity, Mizuho Securities, Piper Sandler, Craig-Hallum and Rosenblatt Securities. D-Wave said it may offer and sell shares of its common stock through or to these companies 'from time to time' with an aggregate offering price of up to $400 million.
D-Wave, which said that it has enough cash on its balance sheet to fund the company to profitability and that the aim of the stock sales would be spend cash raised on the business. This includes capital spending and potential acquisitions.
The share price leak is a rare retreat for the stock, which is taking advantage of the growth in demand for AI across all areas of business and personal life.
The D-Wave share price is up a staggering 1,359% over the last 12 months and 95% in the year-to-date. That's ahead of rivals such as IonQ (IONQ) which is down 6% so far this year and Rigetti Computing (RGTI) which is 20% lower.
Cars and Drugs
In its recent first quarter results, D-Wave recorded record revenues of $15 million, up 509% year-over-year.
This included deals with Turkish car maker Ford Otosan, which has deployed a hybrid-quantum application streamlining manufacturing processes for its Ford Transit line of vehicles, and with the pharmaceutical division of Japan Tobacco in its drug discovery process.
In addition, it launched its Advantage1 quantum computer in May, which features its most advanced quantum processor. The company said it can tackle complex problems beyond the reach of classical computers.
Semiconductor giant Nvidia (NVDA) is a fan of the sector, with CEO Jensen Huang stating today that quantum computing will solve 'some interesting problems' in the coming years. That represents a shift from his previous position that 'very useful' quantum computers were likely decades away.
Is QBTS a Good Stock to Buy Now?
On TipRanks, QBTS has a Strong Buy consensus based on 6 Buy ratings. Its highest price target is $14. QBTS stock's consensus price target is $13 implying an 21.28% downside.
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