D-Wave Quantum (NYSE:QBTS) Shares Down 3.5% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 3.5% on Wednesday . The stock traded as low as $30.09 and last traded at $30.1690. 36,509,839 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 41,559,227 shares. The stock had previously closed at $31.27.

D-Wave Quantum News Summary

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: Agreement to acquire Quantum Circuits for roughly $550M — a deal D‑Wave says will accelerate its product roadmap and target commercial gate‑model machines in 2026, supporting a clearer path to larger sales and scale. D-Wave to Acquire Quantum Circuits for $550 Million
• Positive Sentiment: Technical milestone — D‑Wave demonstrated scalable, on‑chip cryogenic control of gate‑model qubits, extending the company beyond annealing systems and strengthening its technology narrative. This is a direct catalyst for investor optimism about future product breadth. D-Wave Demonstrates First Scalable, On-Chip Cryogenic Control of Gate-Model Qubits
• Positive Sentiment: Analyst support — Rosenblatt reaffirmed a “buy” rating with a $40 price target (~28–29% upside vs. recent levels), which can attract momentum buyers and lend confidence to the deal and tech headlines. Rosenblatt Buy Rating / $40 PT
• Positive Sentiment: Commercial visibility — D‑Wave plans to showcase commercial quantum computing at CES 2026, a marketing/partnering event that could accelerate enterprise interest and early commercial orders. D-Wave to Bring Commercial Quantum Computing to CES 2026
• Neutral Sentiment: Momentum and narrative — multiple analyst pieces note QBTS was one of 2025’s top performers (200%+ gains), which boosts sentiment but also raises expectations that must be met in 2026. Zacks: QBTS Beat NVDA in 2025
• Neutral Sentiment: Year‑in‑review context — coverage highlights strong partnerships, cash balance and bookings growth, but frames D‑Wave as speculative with execution-dependent upside. MarketBeat: D-Wave Year in Review
• Negative Sentiment: Share sell‑off and financing/dilution risk — the acquisition and prior share sales have created selling pressure; investors worry about dilution and the timing/size of future capital needs, which can weigh on the stock. MarketBeat: Risks & Cash/Financing Notes
• Negative Sentiment: Valuation and profitability concerns — QBTS remains unprofitable with extremely high valuation multiples and meaningful short interest (~12.5%), which can cap upside if execution or revenue scale disappoints. MarketBeat: Valuation & Short Interest

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. B. Riley lifted their target price on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Canaccord Genuity Group lifted their price objective on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Cantor Fitzgerald upped their target price on shares of D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Wednesday. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus target price of $33.67.

D-Wave Quantum Stock Performance

The company has a market cap of $10.56 billion, a P/E ratio of -22.35 and a beta of 1.57. The company’s fifty day moving average is $26.73 and its 200 day moving average is $23.34. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the sale, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. This represents a 20.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the completion of the transaction, the chief financial officer owned 1,482,874 shares in the company, valued at $34,017,129.56. The trade was a 11.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,342,087 shares of company stock valued at $66,073,024 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Large investors have recently modified their holdings of the business. Osaic Holdings Inc. increased its position in D-Wave Quantum by 125.7% during the 2nd quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock valued at $3,616,000 after purchasing an additional 137,549 shares during the period. IFP Advisors Inc lifted its position in shares of D-Wave Quantum by 123.8% in the 2nd quarter. IFP Advisors Inc now owns 14,814 shares of the company’s stock worth $217,000 after purchasing an additional 8,194 shares during the period. UNICOM Systems Inc. boosted its stake in shares of D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock valued at $77,128,000 after purchasing an additional 337,838 shares in the last quarter. World Investment Advisors purchased a new position in shares of D-Wave Quantum during the second quarter valued at about $190,000. Finally, Farther Finance Advisors LLC raised its stake in D-Wave Quantum by 491.3% in the second quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company’s stock worth $239,000 after buying an additional 13,561 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.