D-Wave Quantum Stock Leaps Pre-Market On Board Update, But Retail Isn’t Seeing The Spark
By Stocktwits Inc | First Published Nov 25, 2024, 8:03 PM ISTAccording to the company, these board additions are part of a broader effort to strengthen its go-to-market strategy, outlined during the August earnings call.
Shares of D-Wave Quantum ($QBTS)surged by as much as 18% in pre-market trading on Monday following the announcement of its third new board appointment in just one month.
The latest addition, Sharon Holt, brings extensive experience in semiconductors, embedded technologies, and intellectual property.
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She has held leadership roles at Fraser Stuart Ventures, Rambus Inc. ($RMBS), Agilent Technologies Inc. ($A), and HP Inc. ($HPQ), and currently serves on the board of Infinera Corp. ($INFN).
The quantum computing company had previously announced the addition of John DiLullo and Rohit Ghai on Oct. 30.
According to D-Wave, these board additions are part of a broader effort to strengthen its go-to-market strategy, which was outlined during the August earnings call.
“Sharon’s addition to the board is perfectly timed to help the company capitalize on its immediate advantages while building a solid and profitable business for the long-term,” said D-Wave Quantum's CEO, Alan Baratz, emphasizing the timing of Holt’s appointment.
Retail sentiment around the stock remains in the ‘neutral’ territory with no significant change in chatter.
Retail investors on Stocktwits are hopeful the company will announce new deals in the coming days, ideally with AI powerhouses like NVIDIA Corp. ($NVDA) or Google ($GOOG, $GOOGL).
During the company’s third-quarter earnings call last week, Baratz noted that while the company’s go-to-market team has grown substantially, many team members are still new and going through a learning curve.
"We still have more to do to finish building out the go-to-market team that we expect to be completed by the middle of Q1," he explained.
D-Wave Quantum’s stock has soared fourfold this year, reaching a more than one-year high of $3.00 on Friday.
The stock has been on a rally over the last two trading sessions following Amazon’s ($AMZN) announcement of Quantum Embark, an advisory program designed to prepare customers for quantum computing.
Shares of peers Quantum Computing Inc. ($QUBT), Arqit Quantum ($ARQQ), and Quantum Corporation ($QMCO) also rose after the news.
If pre-market gains hold, D-Wave’s shares could reach their highest point since October 2022, marking a two-year peak.
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