Point — counterpoint.

Last week, I highlighted the astounding share price rise of quantum computing company D-Wave Quantum (QBTS -5.84%), which gained a terrific 52% over the course of the week, ending with a nearly 12% rise on Friday alone. Unimpressed, I argued that in the absence of real revenue and profits, D-Wave Quantum looked like a “speculative” investment good only for “momentum traders” — and warned that “serious investors should probably stay away.”

On Monday, D-Wave stock is tumbling — down 6.7% through 10 a.m. ET — and it kind of looks like I was right to warn investors to steer clear of the profitless quantum computing stock.

But what if I was wrong?

Image source: Getty Images.

B. Riley loves D-Wave Quantum stock

That’s the question we need to consider after investment bank B. Riley raised its price target on D-Wave Quantum stock by an aggressive 50%, to $33 per share.

According to the bank’s analyst, quantum “technology and commercial progress is outpacing B. Riley’s prior positive views.” As TheFly.com reports, the Department of Energy’s National Labs in particular are pushing companies to develop commercial quantum computing products, and as a result, the “former frontier technology is rapidly advancing toward integrated capability and commerciality.”

Is D-Wave stock a sell?

So the government wants commercial quantum computing. Great. That does not mean it will get it. What’s (still) missing from B. Riley’s positive write-up are hard numbers suggesting D-Wave Quantum will enjoy significant revenue or any profits in the near future.

D-Wave stock now trades at an insane 412 times trailing revenue. And even valued on optimistic analyst estimates from S&P Global Market Intelligence, the stock trades at 28 times the revenue it might (or might not) collect way out in 2030 — and 1,701 times its projected 2030 earnings.

Even momentum traders should be scared of numbers like these.