D-Wave Quantum (NYSE:QBTS) Trading Up 3.6% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 3.6% on Tuesday . The company traded as high as $18.88 and last traded at $18.6910. Approximately 19,115,244 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 33,276,551 shares. The stock had previously closed at $18.05.

D-Wave Quantum News Summary

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

• Positive Sentiment: Significant bookings and momentum: management reported Q4 bookings jumped (Q4 bookings ~ $13.4M, a large sequential increase) and January bookings reportedly exceeded $30M, signaling pipeline strength that could lift future revenue. D-Wave: Despite a Double Miss…
• Positive Sentiment: Healthy cash position after acquisition: D‑Wave ended the period with substantial cash and marketable securities (reported near $885M), which reduces near‑term financing/dilution risk as it invests in R&D and go‑to‑market. D-Wave: Despite a Double Miss…
• Neutral Sentiment: Analyst reaction is mixed: Needham cut its price target from $48 to $40 but kept a Buy rating — the action supports a bullish view but signals tempered near‑term expectations. Needham lowers price target
• Neutral Sentiment: Earnings call detail available for investors — the transcript provides management’s color on bookings, product demand (Advantage2 sales) and strategy after the Quantum Circuits acquisition. Review the call for guidance on timing of revenue conversion. Q4 2025 earnings call transcript
• Negative Sentiment: Q4 top‑ and bottom‑line misses: revenue ($2.75M) and adjusted EPS (loss) missed consensus — Zacks flagged an EPS loss larger than expected ($0.12 vs. est. $0.05 loss) and revenue below estimates, which keeps near‑term fundamentals weak. Zacks: Q4 loss, revenue miss
• Negative Sentiment: Execution and profitability risks remain: revenue is still small relative to cash burn, the company expects heavy R&D and GTM spending as it scales, and recent M&A + shelf filings raise dilution/ execution risk should growth not accelerate. Barron’s: Revenue miss doesn’t matter?

Analyst Upgrades and Downgrades

QBTS has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a report on Monday, December 29th. Benchmark reaffirmed a “buy” rating and issued a $35.00 price objective on shares of D-Wave Quantum in a research note on Friday, January 23rd. Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Rosenblatt Securities restated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Finally, Jefferies Financial Group began coverage on D-Wave Quantum in a report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average target price of $37.64.

D-Wave Quantum Trading Up 2.5%

The business’s 50-day simple moving average is $24.40 and its 200-day simple moving average is $24.89. The company has a market cap of $7.45 billion, a PE ratio of -14.92 and a beta of 1.56. 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, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The firm had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $27.36, for a total value of $218,880.00. Following the transaction, the director owned 27,803 shares in the company, valued at approximately $760,690.08. This represents a 22.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director owned 37,778 shares in the company, valued at approximately $917,249.84. This trade represents a 20.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,074,466 shares of company stock worth $31,558,806 in the last quarter. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after purchasing an additional 11,218,255 shares during the last quarter. UBS Group AG grew its position in D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares in the last quarter. Marex Group plc acquired a new position in D-Wave Quantum in the 2nd quarter valued at approximately $80,070,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of D-Wave Quantum by 136,842.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock worth $83,546,000 after acquiring an additional 3,192,533 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $45,372,000. 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.