Quantum computing stocks caught a bid Wednesday as Wedbush Securities threw its hat into the ring with fresh coverage on the sector. Shares of IonQ Inc. (IONQ), Rigetti Computing Inc. (RGTI), and D-Wave Quantum Inc. (QBTS) all moved higher after the firm rolled out bullish ratings and price targets that suggest Wall Street is starting to take this space seriously.
The IonQ Story: Revenue Momentum in Early Innings
Wedbush kicked things off by slapping an Outperform rating on IonQ with a $60 price target. Sure, the technology is still in its "nascent stages," as the firm put it, but here's what's interesting: revenue nearly doubled from $22 million in 2023 to $43 million in 2024. And the momentum isn't slowing down. Wedbush projects sales will more than double again in 2025, surpassing the $100 million mark. That's the kind of growth trajectory that gets investors excited, even in an early-stage technology sector.
Rigetti's Path to 1,000 Qubits
Rigetti Computing also earned an Outperform rating from Wedbush, along with a $35 price target. The firm's enthusiasm centers on Rigetti's advanced chiplets and vertically integrated production capabilities. But analyst Antoine Legault pointed to something even more compelling: the company's long-term roadmap targets more than a thousand qubits by 2027. For context, qubits measure quantum computing power, and scaling them up is one of the industry's central challenges. If Rigetti can deliver on that timeline, it could be a significant technical achievement.
D-Wave Positioned for Commercial Adoption
Rounding out the coverage, Wedbush initiated D-Wave Quantum with an Outperform rating and a $35 price target. The firm acknowledged that D-Wave is still in its early days but made a broader point about timing: quantum computing is approaching broad commercial adoption. D-Wave builds quantum computers specifically for enterprises and research institutions, which positions it right in the path of that potential wave of demand.
Price Action
IonQ shares traded up 0.89% at $50.11. Rigetti Computing climbed 2.67% to $24.60. D-Wave Quantum gained 1.76%, reaching $25.97.
