10 Best Quantum Computing Stocks To Buy According to Hedge Funds

8. D-Wave Quantum Inc. (NYSE:QBTS)

Number of Hedge Fund Holders: 6 

D-Wave Quantum Inc. (NYSE:QBTS) develops and delivers quantum computing systems, software, and services worldwide. The firm has the honor of being the first commercial supplier of quantum computers in the world, per CEO Alan Baratz. In a recent interview with news platform Fox Business, Baratz highlighted that D-Wave Quantum was focusing on the development of quantum annealers as they emerged as a critical accelerant to commercial adoption of quantum computing. Quantum annealers use a specialized approach to quantum computing and focus on solving optimization problems.

A prominent D-Wave product in this regard is the D-Wave Advantage. It features thousands of qubits and is used in industries like logistics, healthcare, and finance. A qubit is the basic unit of information in quantum computing, just like binary units are in traditional computing. The hype around quantum computing and the success of D-Wave Advantage has helped push the market capitalization of the company over $1 billion this year. In the recent earnings call, the firm revealed that it expected revenue and bookings to improve in the closing months of 2024 after missing analyst expectations in the third quarter.

D-Wave Quantum is one of the best quantum computing stocks according to hedge funds and Wall Street analysts. B Riley analyst Craig Ellis recently raised the price target on the stock to $4.50 from $3.75 and kept a Buy rating on the shares. In an investor note, Ellis stated that the advisory saw numerous positive higher-level intermediate to long-term sector thesis takeaways in support of quantum computing companies. The analyst added that there was evidence of frontier technology investor interest in search of what’s next potential, beyond in-progress AI enthusiasm. Per B Riley, this would potentially further benefit D-Wave Quantum’s end demand, financials, and stock sentiment in quarters and years ahead.