What's Going On With D-Wave Stock Tuesday?

D-Wave Quantum Inc. QBTS is in the spotlight Tuesday ahead of second quarter earnings Thursday.

What To Know: Analysts estimate a loss of 5 cents per share and revenue of $2.63 million.

For the prior quarter, the company reported revenue of $15.00 million, beating the consensus estimate of $10.60 million. In addition, D-Wave reported a loss of 2 cents per share, beating the consensus estimate of a 3 cent-loss.

In recent quarters, D-Wave has a strong record of missing estimates for both revenue and earnings per share.

Analyst Changes: Ahead of the earnings report, multiple analysts issued price target adjustments.

• Stifel analyst Ruben Roy initiated coverage on D-Wave with a Buy rating and announced a price target of $26.
• Benchmark analyst David Williams reiterated a Buy rating on D-Wave and maintained a $20 price target.
• Rosenblatt analyst Kevin Garrigan initiated coverage on D-Wave with a Buy rating and announced a price target of $30.
• B. Riley Securities analyst Craig Ellis maintained a Buy rating on D-Wave and raised the price target from $20 to $22.
• Canaccord Genuity analyst Kingsley Crane initiated coverage on D-Wave with a Buy rating and announced a price target of $20.

The consensus estimate for D-Wave is $16.33, with the highest price target at $30.00 and the lowest price target at $2.00.

See Also: Alcon Expands Vision Correction Portfolio With STAAR Surgical Acquisition

QBTS Price Action: At the time of writing, D-Wave stock is trading 5.53% higher at $18.13, according to data from Benzinga Pro.

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