D-Wave Quantum (NYSE:QBTS) Trading Up 2.5% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 2.5% during trading on Thursday . The company traded as high as $21.70 and last traded at $20.14. Approximately 43,499,626 shares changed hands during mid-day trading, an increase of 30% from the average daily volume of 33,361,852 shares. The stock had previously closed at $19.65.

Key Stories Impacting D-Wave Quantum

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

• Positive Sentiment: Big bookings momentum and improving fundamentals — Management reported Q4 bookings jumped to $13.4M (up ~471% sequentially) and said January 2026 bookings exceeded $30M; full‑year 2025 revenue was ~ $24.6M (up ~179% YoY) and gross profit improved sharply, signaling accelerating demand. D-Wave earnings and momentum
• Positive Sentiment: Strong cash runway after recent transactions — D-Wave ended the year with roughly $885M in cash and marketable securities even after the ~$550M Quantum Circuits acquisition, which reduces near‑term dilution/runway concerns and supports continued R&D and go‑to‑market investment plans. D-Wave cash position
• Positive Sentiment: Market reaction was upbeat despite misses — Coverage and commentary (Barron’s, Benzinga, MarketBeat) note the stock initially popped after the release as investors weighed bookings/cash and long‑term thesis over the quarter’s misses. Barron’s: Stock rises on earnings
• Neutral Sentiment: Analyst action: Needham keeps a Buy but trims the price target — Needham lowered its PT from $48 to $40 while maintaining a Buy rating, reflecting continued analyst optimism but a more conservative near‑term outlook. Benzinga: Needham lowers price target
• Negative Sentiment: Double miss on Q4 revenue and EPS — The company reported adjusted EPS of about ($0.09)–($0.12) (miss vs. consensus) and revenue of $2.75M, roughly $1M below consensus, underscoring that commercial revenue is still small and lumpy. Zacks: Q4 loss and revenue miss
• Negative Sentiment: High spending and execution risks remain — Management plans aggressive R&D and go‑to‑market spending; the company has filed shelf registrations and made large acquisition payouts, which could pressure results and cause revenue/bookings volatility as it scales. MarketBeat: Spending and acquisition context

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Williams Trading set a $35.00 price target on D-Wave Quantum in a research report on Monday, November 10th. Rosenblatt Securities restated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a report on Wednesday, January 28th. Jefferies Financial Group initiated coverage on shares of D-Wave Quantum in a research note on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target on the stock. Cantor Fitzgerald increased their price objective 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. Finally, Mizuho initiated coverage on shares of D-Wave Quantum in a research report on Thursday, December 11th. They issued an “outperform” rating and a $46.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.64.

D-Wave Quantum Stock Up 2.5%

The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The firm has a 50-day moving average of $24.50 and a 200 day moving average of $24.92. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of -14.92 and a beta of 1.56.

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 analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The company had revenue of $2.75 million for the quarter, compared to the consensus estimate of $3.74 million. The company’s quarterly revenue was up 21.7% on a year-over-year basis. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 9,179 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $257,562.74. Following the transaction, the chief financial officer directly owned 1,462,133 shares of the company’s stock, valued at approximately $41,027,451.98. The trade was a 0.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kirstjen Nielsen sold 7,000 shares of D-Wave Quantum stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total transaction of $158,340.00. Following the transaction, the director directly owned 112,673 shares of the company’s stock, valued at approximately $2,548,663.26. This trade represents a 5.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,074,466 shares of company stock worth $31,558,806 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC boosted its holdings in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC grew its position in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new position in D-Wave Quantum during the 4th quarter worth $31,000. Finally, Ancora Advisors LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at $30,000. 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.