D-Wave Quantum and IONQ reported smaller-than-expected Q1 losses, too
D-Wave Quantum Inc (NYSE:QBTS) and IONQ Inc (NYSE:IONQ) are surging today, after both quantum computing companies reported smaller-than-expected losses for the first quarter, as well as revenue beats. IONQ also scored a price-target hike from Morgan Stanley to $30 from $29, while Needham lowered its price objective to $50 from $54.
QBTS was last seen up 39.9% at $9.64, gapping above former pressure at the $8 level and trading at its highest level since late March. Shares are bouncing off steady support from the 100-day moving average as they look to snap a three-day losing streak with their best daily gain since March 14. Year-over-year, the equity is up 598%.
IONQ is up a more modest 2.2% to trade at $29.80 at last glance, and sports a 239.3% year-over-year lead. Shares are also on track for their first win in the past four sessions, but have yet to conquer a longer-term ceiling at the $32 region, though they earlier hit their highest level since February. The ascending 20-day trendline has been supporting the security since April.
Options bulls are blasting both QBTS and IONQ today, with call volume running at 16 and four times the intraday average volume, respectively. For the former, the May 10 call is the most popular contract, and for the latter it's the July 30 call.