The 3 Best Quantum Computing Stocks to Buy in July 2024 – InvestorPlace
Analysts state that the financial services sector is expected to see significant benefits from quantum computing through enhanced portfolio optimization and fraud detection capabilities. Throughout all of this, the healthcare industry is anticipated to leverage quantum computing for drug discovery and personalized medicine. As the technology evolves, we will see a transition from physical qubits to more stable, error-corrected logical qubits. This will enhance the reliability of quantum computations. So now could be a great time for investors to consider these quantum computing stocks to buy.
Here are three companies to consider.
Source: Amin Van / Shutterstock.com
IonQ (NYSE:IONQ) is a leading developer of quantum computing systems and software. The company uses trapped ion technology to create quantum computers with high-fidelity qubits and low error rates.
There are a few reasons Im bullish on IONQ. The average analyst rating for IonQ is a Buy. The consensus price target is $16.50. Furthermore, this representing a potential upside of 141.23% from the current stock price.
Also, analysts expect IonQs revenue to grow at a rapid pace, with a 5-year revenue growth forecast of 95.40%. If the company can maintain this growth trajectory and improve its profitability, the stocks valuation may become more attractive over time.
IonQ also has a strong balance sheet with a net cash position of $359.72 million, or $1.70 per share. Moreover, this provides the company with financial flexibility to invest in growth opportunities and weather potential challenges. Also, this is hedging against short-term fears of shareholder dilution through the issuance of new shares.
Source: Bartlomiej K. Wroblewski / Shutterstock.com
D-Wave Quantum (NYSE:QBTS) is a leader in quantum computing systems, software, and services. People know this company for its quantum annealing technology.
I think that QBTS could be one of the frontrunners in the quantum computing arms race for a few reasons.
QBTS launched the fast-anneal feature. This is now available on all of its quantum processing units (QPUs) in the Leap real-time quantum cloud service. Furthermore, this feature allows users to perform quantum computations at unprecedented speeds. As a result, this will significantly reduce the impact of external disturbances such as thermal fluctuations and noise.
In the press release, QBTS states that the fast-anneal feature has generated significant interest from commercial and academic researchers who are eager to leverage its capabilities for building world-class applications, expanding benchmarking studies, and exploring the potential benefits of increased coherence in various industrial applications.
In terms of financial forecasts, D-Wave Quantums revenue may grow by 46.02% this year to $12.79 million, and by 101.46% next year to $25.76 million. While the company is still expected to report losses in the coming years, the magnitude of those losses is projected to decrease
Source: Boykov / Shutterstock.com
Rigetti Computing (NASDAQ:RGTI) is a pioneer in quantum computing, offering full-stack quantum-classical computing services. The company provides its services through Rigetti Quantum Cloud Services, serving global enterprise, government, and research clients.
The average analyst rating for RGTI is strong buy, with a consensus price target of $3.17, representing a potential upside of 217.41% from the current stock price of around $1 at the time of writing.
Also, RGTIs revenue is expected to grow by 29.96% this year to $15.61 million and by 88.86% next year to $29.47 million. The companys 5-year revenue growth forecast is 70.72%, indicating a strong growth trajectory.
This optimism is reflected in RGTIs valuation, RGTI has a high price-to-sales (PS) ratio of 13 times sales and a forward PS ratio of 10, so the market is pricing in some very strong expectations for the company. This companys valuation though is slightly on the smaller side compared with its peers in the industry, which could mean it may be an undervalued opportunity also.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.
Follow this link:
The 3 Best Quantum Computing Stocks to Buy in July 2024 - InvestorPlace
- Quantum computers are here but why do we need them and what will they be used for? - Livescience.com - November 2nd, 2024 [November 2nd, 2024]
- Rigetti and Riverlane Achieve Real-Time Quantum Error Correction on 84-Qubit System - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Quantum Computing Announces Strategic Partnerships and Pre-Orders Ahead of 2025 Foundry Opening - Yahoo Finance - November 2nd, 2024 [November 2nd, 2024]
- Where Will IonQ Be in 3 Years? - The Motley Fool - November 2nd, 2024 [November 2nd, 2024]
- In the Fight Against Noisy Quantum Computing, CVaR Proves a Worthy Opponent - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Riverlane CEO Asks: What Will We Do With Error-Corrected Quantum Computers? - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Gulf bets on a quantum computing leap - Arabian Gulf Business Insight - November 2nd, 2024 [November 2nd, 2024]
- Fully Operational Rigetti QPU Included in UKs Recently Opened National Quantum Computer Centre - GlobeNewswire - November 2nd, 2024 [November 2nd, 2024]
- Guest EditorialQuantum Computing: A Beacon of Transformation for the Oil and Gas Industry - Society of Petroleum Engineers (SPE) - November 2nd, 2024 [November 2nd, 2024]
- A Race to The End of Time - Brown Political Review - November 2nd, 2024 [November 2nd, 2024]
- Study observes a phase transition in magic of a quantum system with random circuits - Phys.org - November 2nd, 2024 [November 2nd, 2024]
- Securing tomorrow: What you should know about protecting data in the future - Clemson News - November 2nd, 2024 [November 2nd, 2024]
- Heres the paper no one read before declaring the demise of modern cryptography - Ars Technica - November 2nd, 2024 [November 2nd, 2024]
- Rigetti and Riverlane Progress Towards Fault Tolerant Quantum Computing with Real-Time and Low Latency Error Correction on Rigetti QPU - StockTitan - November 2nd, 2024 [November 2nd, 2024]
- NIST approves 14 new quantum encryption algorithms for standardization - Nextgov/FCW - November 2nd, 2024 [November 2nd, 2024]
- ORCA Computing Unveils The PT-2: Delivering Quantum-Enhanced Generative AI Capabilities - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- UK quantum computer cluster opens on site of Cold War atomic "holy of holies" - The Stack - November 2nd, 2024 [November 2nd, 2024]
- D-Wave Announces Appointment of Two New Board Members - Business Wire - November 2nd, 2024 [November 2nd, 2024]
- IonQs Quantum Surge: Ride the Wave or Cash Out? - MarketBeat - November 2nd, 2024 [November 2nd, 2024]
- D-Wave Deemed Awardable Vendor for US Department of Defense Chief Digital and Artificial Intelligence Offices Tradewinds Solutions Marketplace -... - November 2nd, 2024 [November 2nd, 2024]
- Challenges and opportunities in quantum optimization - Nature.com - November 2nd, 2024 [November 2nd, 2024]
- Quantum Computing, Inc. Announces Strategic Partnerships and Pre-Orders Ahead of 2025 Quantum Photonic Chip Foundry Opening - PR Newswire - November 2nd, 2024 [November 2nd, 2024]
- Bridging Cities with Quantum Links in Pursuit of the Quantum Internet - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Quantum Computing, Inc. Announces Strategic Partnerships and Pre-Orders Ahead of 2025 Quantum Photonic Chip Foundry Opening - StockTitan - November 2nd, 2024 [November 2nd, 2024]
- UK's Newly Opened National Quantum Computing Centre Designed to Push The Boundaries of What is Possible With Quantum - The Quantum Insider - November 2nd, 2024 [November 2nd, 2024]
- Scientists build the smallest quantum computer in the world it works at room temperature and you can fit it on your desk - Livescience.com - October 24th, 2024 [October 24th, 2024]
- No, China Isnt a Decade Ahead of The U.S. in Quantum Computing (Probably) - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Quantum Computing, Inc. to Host Third Quarter 2024 Shareholder Call on Wednesday, November 6, 2024 - StockTitan - October 24th, 2024 [October 24th, 2024]
- Quantum Computing, Inc. to Host Third Quarter 2024 Shareholder Call on Wednesday, November 6, 2024 - Quantisnow - October 24th, 2024 [October 24th, 2024]
- One Skyrmion to Rule Them All: Noise Resilience and Data Storage Solutions for Quantum Computing and Spintronics - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Plotting the inevitable rise of quantum computing - Business Weekly - October 24th, 2024 [October 24th, 2024]
- The Netherlands to host an EU quantum computer in Amsterdam - DutchNews.nl - October 24th, 2024 [October 24th, 2024]
- Qubits Manipulated on the Fly - Physics - October 24th, 2024 [October 24th, 2024]
- Quantum Computing, Inc. to Host Third Quarter 2024 Shareholder Call on Wednesday, November 6, 2024 - WV News - October 24th, 2024 [October 24th, 2024]
- Scientists build the smallest quantum computer in the world it works at room temperature and you can fit it on your desk - MSN - October 24th, 2024 [October 24th, 2024]
- Scalable Silicon Spin Qubits Achieve Over 99% Fidelity for Quantum Computing with CMOS Technology - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Multiverse Computing Expands to US with New San Francisco Office to Drive Quantum AI Adoption - HPCwire - October 24th, 2024 [October 24th, 2024]
- LUCI in The Surface Codes With Drop Outs: Google Quantum AI Researchers Report Framework Could Help Reduce Errors - The Quantum Insider - October 24th, 2024 [October 24th, 2024]
- Chinese scientists claim they broke RSA encryption with a quantum computer but there's a catch - Livescience.com - October 23rd, 2024 [October 23rd, 2024]
- Riverlanes Quantum Error Correction Report: Defining the Path to Fault-Tolerant Computing and the MegaQuOp Milestone - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- Quantum Computing, Inc. Enters Final Stage of Commissioning Quantum Photonic Chip Foundry in Tempe, Arizona - Yahoo Finance - October 23rd, 2024 [October 23rd, 2024]
- Why experts are warning businesses to prepare for quantum now or face critical cyber risks when it arrives - ITPro - October 23rd, 2024 [October 23rd, 2024]
- Quantum Computers Expected to Be Useful by 2026, Survey - IoT World Today - October 23rd, 2024 [October 23rd, 2024]
- ParTec AG and HZDR to Build AI Supercomputer Supporting Research in AI, Quantum Computing, and HPC - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- Pete Shadbolt on Tackling the Challenges of Quantum Computing & Its Future Impact on Everyday Life - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- How to build a quantum computer that's actually useful - Space Daily - October 23rd, 2024 [October 23rd, 2024]
- Quantum Algorithms for Faster Pattern Matching in Genomics and Text Processing, and Data-Intensive Applications - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- 2025 Tech Trends Report: New Insights on IT Investment in AI, Quantum Computing, and Cybersecurity Published by Info-Tech Research Group - PR Newswire - October 23rd, 2024 [October 23rd, 2024]
- Next Quantum Computer Comes To Netherlands - Mirage News - October 23rd, 2024 [October 23rd, 2024]
- US Debuts Encryption Tools To Counter Quantum Computing Threat - Geek Vibes Nation - October 23rd, 2024 [October 23rd, 2024]
- University of Basel And QuantumBasel Join Forces For Quantum Computing Innovation in Switzerland - The Quantum Insider - October 23rd, 2024 [October 23rd, 2024]
- How 'quantum software developer' became a job that actually exists - New Scientist - October 23rd, 2024 [October 23rd, 2024]
- How Chicago got ahead of the curve on quantum computing - Crain's Chicago Business - October 23rd, 2024 [October 23rd, 2024]
- Chinese Research Using Quantum System to Crack Encryption a Cautionary Tale - Security Boulevard - October 23rd, 2024 [October 23rd, 2024]
- Why banks need to plan beyond post-quantum encryption - American Banker - October 23rd, 2024 [October 23rd, 2024]
- Navigating security for the next age of Quantum Readiness - CXOToday.com - October 23rd, 2024 [October 23rd, 2024]
- Leading experts to gather for seventh annual Chicago Quantum Summit - UChicago News - October 23rd, 2024 [October 23rd, 2024]
- Science Fiction is Becoming a Reality - Commercial Integrator - October 23rd, 2024 [October 23rd, 2024]
- Chinese Researchers Reportedly Crack Encryption With Quantum Computer - PCMag - October 18th, 2024 [October 18th, 2024]
- Google AI Research Examines Random Circuit Sampling (RCS) for Evaluating Quantum Computer Performance in the Presence of Noise - MarkTechPost - October 16th, 2024 [October 16th, 2024]
- How to build a quantum computer thats actually useful - Virginia Tech - October 16th, 2024 [October 16th, 2024]
- Q Day Is Coming. Its Time to Worry About Quantum Security. - The Wall Street Journal - October 11th, 2024 [October 11th, 2024]
- Immersive Quantum Computing Workshop Gets Microscopic - University of Connecticut - October 11th, 2024 [October 11th, 2024]
- Altair, Technical University of Munich Discover Breakthrough in Quantum Computing for CFD - ENGINEERING.com - October 11th, 2024 [October 11th, 2024]
- The Next Breakthrough In Artificial Intelligence: How Quantum AI Will Reshape Our World - Forbes - October 11th, 2024 [October 11th, 2024]
- 5 Ways Quantum Will Transform Everyday Life - IoT World Today - October 11th, 2024 [October 11th, 2024]
- Advancing Drug Discovery with Quantum Computing - Biotech - HIT Consultant - October 11th, 2024 [October 11th, 2024]
- Researchers Report on Scalable Parity Architecture For Quantum Optimization With Global Addressing - The Quantum Insider - October 11th, 2024 [October 11th, 2024]
- SEALSQ Getting Ready for the Arrival of Quantum Computers - GlobeNewswire - October 11th, 2024 [October 11th, 2024]
- Unlocking Quantum Communication: The Power of Diamond-Based Qubits - SciTechDaily - October 11th, 2024 [October 11th, 2024]
- Quantum computing is taking longer than going to the moon: Ex-IBM exec Robert Sutor on Europes quantum computing startups - Sifted - October 11th, 2024 [October 11th, 2024]
- Celebrating 100 Years of Innovation: The Quantum Insider Partners with International Year of Quantum - The Quantum Insider - October 11th, 2024 [October 11th, 2024]
- Guest Post: How Tech Companies are Readying IT Security for Quantum Computing - The Quantum Insider - October 11th, 2024 [October 11th, 2024]
- Riverlane and Rigetti Achieve Worlds First Low-Latency Quantum Error-Correction Experiment - Quantum Computing Report - October 11th, 2024 [October 11th, 2024]
- Altair and Technical University of Munich Discover Breakthrough in Quantum Computing for Computational Fluid Dynamics - StockTitan - October 11th, 2024 [October 11th, 2024]
- Eviden and IQM Boost Quantum Computing Accessibility - TipRanks - October 11th, 2024 [October 11th, 2024]
- SEALSQ Getting Ready for the Arrival of Quantum Computers as Post-Quantum Cryptographic Algorithms and Semiconductors are the Front-Line of defense... - October 11th, 2024 [October 11th, 2024]
- Hosting the Universe in a Quantum Computer: Scientists Simulate Cosmological Particle Creation - The Quantum Insider - October 9th, 2024 [October 9th, 2024]
- Australia is making a billion-dollar bet on a 'useful' quantum computer. So what are we buying? - ABC News - October 9th, 2024 [October 9th, 2024]
- First-ever teleportation of logical qubit using fault-tolerant methods - Phys.org - October 3rd, 2024 [October 3rd, 2024]