D-Wave Quantum (NYSE:QBTS) Trading Down 9.6% on Insider Selling

23 Dec 2025, 23:04 by Kim Johansen · The Markets Daily

Shares of D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) were down 9.6% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $28.65 and last traded at $29.0840. Approximately 44,396,083 shares traded hands during trading, a decline of 27% from the average daily volume of 60,521,574 shares. The stock had previously closed at $32.19.

Specifically, CFO John M. Markovich sold 100,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $30.03, for a total value of $3,003,000.00. Following the sale, the chief financial officer directly owned 1,471,312 shares in the company, valued at approximately $44,183,499.36. The trade was a 6.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 793,712 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $30.13, for a total transaction of $23,914,542.56. Following the transaction, the chief executive officer owned 2,633,163 shares of the company’s stock, valued at approximately $79,337,201.19. This trade represents a 23.16% decrease in their position. The disclosure for this sale is available in the SEC filing.

Analyst Upgrades and Downgrades

Several analysts recently commented on QBTS shares. Mizuho initiated coverage on shares of D-Wave Quantum in a research note on Thursday, December 11th. They set an “outperform” rating and a $46.00 target price for the company. Cantor Fitzgerald increased their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. B. Riley raised their price objective on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Evercore ISI initiated coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price on the stock. Finally, Roth Capital set a $40.00 target price on D-Wave Quantum in a report on Thursday, November 6th. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.67.

Read Our Latest Stock Analysis on QBTS

Key Stores Impacting D-Wave Quantum

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

Positive Sentiment: D-Wave announced it will bring commercial quantum demonstrations and customer success stories to CES 2026 — a high-visibility showcase that markets commercialization progress and can accelerate enterprise interest. D-Wave to Bring Commercial Quantum Computing to CES 2026
Positive Sentiment: Media coverage links the CES reveal to an immediate rally: outlets report the stock jumped after the CES plans, highlighting investor hopes for near-term commercial wins. D-Wave Quantum Jumps After Announcing CES 2026 Commercial Technology Showcase
Positive Sentiment: Wall Street and institutional interest increased in 2025 (several brokerages initiated coverage), and reports of hedge-fund accumulation are reinforcing confidence that professional money is backing the story. Wall Street Discovered Quantum Computing Stocks In 2025
Positive Sentiment: Retail-driven year-end momentum (a “Santa Rally” in quantum names) is lifting QBTS alongside peers, amplifying short-term upside. D-Wave, Rigetti, IonQ Stocks Climb In Retail-Fueled Santa Rally
Neutral Sentiment: Analyst pieces frame 2026 as a potential breakout year if commercialization continues, but they note revenue remains small vs. valuation — a conditional bullish view that depends on execution. Why 2026 Could Be the Year D-Wave Breaks Out
Neutral Sentiment: Industry analyses compare quantum plays to Nvidia’s AI run — suggesting potential playbook parallels but noting different market dynamics and longer commercialization timelines. Quantum Stocks 2026: Can IONQ & QBTS Follow NVDA’s Playbook?
Negative Sentiment: Fundamental risks remain: quarterly revenue is growing but still small in absolute dollars, and the stock’s valuation and reliance on continued execution make it vulnerable to pullbacks if commercialization stalls. Why 2026 Could Be the Year D-Wave Breaks Out
Negative Sentiment: Heavy retail participation and thin institutional trading around the holidays increase volatility risk — spikes can reverse quickly once professionals re-enter the market. D-Wave, Rigetti, IonQ Stocks Climb In Retail-Fueled Santa Rally

D-Wave Quantum Price Performance

The stock has a market capitalization of $10.18 billion, a PE ratio of -21.54 and a beta of 1.57. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The stock’s 50-day moving average is $28.47 and its 200 day moving average is $22.46.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last released its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The company’s revenue was up 105.6% on a year-over-year basis. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after purchasing an additional 11,218,255 shares during the last quarter. UBS Group AG grew its stake in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $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 second quarter worth approximately $80,070,000. Arrowstreet Capital Limited Partnership bought a new position in D-Wave Quantum during the second quarter valued at approximately $45,372,000. Finally, Clear Street Group Inc. bought a new position in D-Wave Quantum during the third quarter valued at approximately $75,344,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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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.