Stock Market Today, June 15: D-Wave Quantum Jumps After Mizuho Raises Price Target on Roadmap Progress
D-Wave Quantum (NYSE:QBTS), which develops and delivers quantum computing systems, software, and services, closed at $26.30, up 12.54%. The stock rose after Mizuho raised its price target to $35 and highlighted progress on the company’s long-term logical-qubit roadmap. Investors are watching for continued execution and valuation risks. Trading volume reached 44.7 million shares, about 34% above its three-month average of 33.4 million shares. D-Wave Quantum IPO'd in 2020 and has grown 159% since going public.
How the markets moved today
The S&P 500 advanced 1.67% to 7,555, while the Nasdaq Composite climbed 3.07% to 26,684. Among quantum computing industry peers, Rigetti Computing closed at $22.7 (+8.20%), and IonQ finished at $61.18 (+5.76%) as the group extended its rally.
What this means for investors
D-Wave Quantum’s shares soared 13% today after a Mizuho analyst raised their price target on the stock from $29 to $35, stating that they see the company “maintaining its leadership in annealing quantum computing.” The analyst also noted that D-Wave’s roadmap to (hopefully) reach 10 logical quibits by 2030 and potentially 100 by 2032 makes the company the leader of its burgeoning niche.
D-Wave also estimated that its target addressable market would be between $450 billion and $850 billion by 2040. This promising update comes less than one month after the U.S. government took a $100 million equity stake in the company, reinforcing the importance of D-Wave’s potentially transformative technology. That said, the company likely won’t generate meaning profits until some point in the 2030’s (if ever), so interested investors need to be ready to play the long game with this high-risk, high-reward growth stock.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.
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