Quantum Crash? IonQ, Rigetti, D-Wave Sink As Futures Flash Red

Pure-play quantum computing stocks are taking a hit in Tuesday’s premarket session, with the group sliding alongside a broader market selloff. Shares of IonQ Inc. (NYSE:IONQ), Rigetti Computing Inc. (NASDAQ:RGTI), and D-Wave Quantum Inc. (NYSE:QBTS) are down premarket Tuesday.

The weakness comes as S&P 500 futures have shed 1.35% and Nasdaq futures are down 1.77%, pointing to a rough open for growth and speculative names.

Short Sellers Pressing Their Bets

Elevated short interest across the quantum space may be amplifying the downside moves.

According to Benzinga’s Short Interest Report, short interest in IonQ rose from 79.28 million to 82.81 million shares in the last reporting period, putting 23.31% of its float short. At an average daily volume of 22.57 million shares, it would take roughly 3.67 days for shorts to cover without sending the stock sharply higher.

Rigetti’s short interest climbed from 45.46 million to 51.73 million shares, representing 15.74% of its float, with a 1.7-day cover ratio.

D-Wave bucked the trend slightly — its short interest declined from 57.24 million to 52.69 million shares, sitting at 14.72% of float with a 1.85-day cover ratio.

Rigetti Earnings on Deck

Rigetti faces an immediate test with its fourth-quarter earnings report scheduled for Wednesday. Analysts are estimating a loss per share of four cents on revenue of $2.46 million.

In the third quarter, Rigetti beat loss per share expectations of four cents by coming in at a loss of three cents, though revenue of $1.95 million missed the $2.26 million estimate by 14%.

IonQ’s Monster Quarter Sets a High Bar

Last week, IonQ delivered a standout fourth quarter earnings report, generating $61.9 million in revenue — a 429% jump year-over-year — while posting a loss per share of 20 cents against an estimated loss per share of 48 cents.

The company’s next earnings event is May 6, with analysts projecting a loss per share of 45 cents on revenue of $49.68 million.

D-Wave, meanwhile, is under pressure after missing EPS estimates in three straight quarters. Its most recent fourth quarter loss per share came in at nine cents, worse than the six cents loss per share estimate, while revenue of $2.75 million fell short of the $3.90 million consensus by 29%.

Price Action

IonQ shares fell 5.82% to $36.11, Rigetti Computing declined 5.60% to $16.70, and D-Wave Quantum dropped 4.49% to $18.09 in Tuesday’s premarket session, according to Benzinga Pro data.

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