Why D-Wave Quantum Inc. (QBTS) Went Up On Monday?

We recently published a list of 10 Firms Kick Off Monday Leading Gains. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against other firms that kick off Monday leading gains.

The stock market kicked off the week’s trading on a positive note, with all main indices finishing in the green territory, as economies took a pause from their tariff war, while investors breathed a sigh of relief on the February retail sales report which didn’t come worse.

According to the latest figures, retail sales rose 0.2 percent, albeit below the 0.6 percent as expected by analysts. Excluding autos, sales are up by 0.3 percent, in line with economists’ expectations.

Following the news, the Dow Jones clocked in a 0.85-percent gain, followed by the S&P 500 with 0.64 percent, and the tech-heavy Nasdaq with 0.31 percent.

Meanwhile, 10 companies that led the rally posted modest gains as fresh company developments sparked investor buying. In this article, we have listed Monday’s 10 top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with $2 billion market capitalization and $5 million in trading volume.

A modern computer datacenter, running an advanced quantum computer system.

D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum extended its winning streak for a fifth straight day on Monday, adding 10.15 percent to close at $11.18 apiece as investors continued to buy on impressive sales growth last year coupled with news that it bested one of the world’s most powerful classical supercomputers.

Last week, QBTS announced it achieved a 502-percent jump in bookings at $18.3 million in the fourth quarter from only $3 million in the same period a year earlier, while bookings in the full-year period registered a 128-percent jump at $23.9 million from $10.5 million year-on-year.

Meanwhile, the company said in an article published in “Science” journal that it outperformed one of the world’s most powerful classical supercomputers at solving complex simulation problems. The news also spilled over to other quantum computing stocks which registered gains on Monday.

Overall, QBTS ranks 3rd on our list of firms that kick off Monday leading gains. While we acknowledge the potential of QBTS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as QBTS but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.