D-Wave Quantum (NYSE:QBTS) Shares Down 5% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were down 5% during trading on Thursday . The company traded as low as $21.64 and last traded at $21.8290. 20,458,904 shares traded hands during trading, a decline of 37% from the average session volume of 32,354,061 shares. The stock had previously closed at $22.98.

Key Stories Impacting D-Wave Quantum

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

• Positive Sentiment: D-Wave unveiled a first-of-its-kind error-aware quantum simulator and said developer access is planned for September 2026, which could strengthen its gate-model roadmap and support longer-term commercialization. D-Wave Advances Gate-Model Roadmap With First-of-its-Kind Stimulator
• Positive Sentiment: Analyst commentary has remained constructive, with Roth Capital recently raising its price target to $40 and keeping a Buy rating, reflecting confidence in D-Wave’s investor engagement and commercial story. D-Wave Quantum (QBTS) Says It Has a Key Edge Over Rivals; Is Wall Street Buying the Story?
• Positive Sentiment: One article argued that D-Wave’s commercial progress, bookings growth, and roadmap could help it outperform peers like Rigetti in the second half of 2026. QBTS or RGTI: Which Quantum Stock is Poised to Lead in H2 2026?
• Neutral Sentiment: Coverage around D-Wave’s recent weakness framed the stock move as a reaction to mixed signals: new U.S. quantum funding and executive orders create opportunity, but investors are also questioning whether the company’s dual-platform strategy and timing will translate into near-term results. D-Wave Quantum (QBTS) Is Down 11.3% After U.S. Quantum Orders And Dual-Platform Roadmap Shift
• Negative Sentiment: A recent article said QBTS “needed a win” after a disappointing earnings report, implying the market is still focused on losses, weak revenue versus expectations, and execution risk. How Does D-Wave’s New Simulator Change the Quantum Computing Landscape?
• Negative Sentiment: Another theme in the coverage is that while D-Wave has promising technology, some investors and analysts remain unconvinced that the simulator announcement alone will materially change the competitive landscape in the near term. D-Wave Advances Gate-Model Roadmap With First-of-its-Kind Stimulator

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Northland Securities started coverage on shares of D-Wave Quantum in a research report on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective on the stock. Mizuho lifted their target price on shares of D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, June 15th. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Stifel Nicolaus set a $35.00 price target on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

D-Wave Quantum Price Performance

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average price is $23.46 and its 200 day moving average price is $22.28. The company has a market capitalization of $8.40 billion, a P/E ratio of -20.09 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same period in the previous year, the company posted ($0.02) earnings per share. The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Insider Activity

In other news, Director John D. Dilullo sold 7,850 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the sale, the director directly owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. This represents a 26.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total value of $437,014.50. Following the completion of the transaction, the vice president owned 596,803 shares in the company, valued at $11,327,320.94. The trade was a 3.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,363,842 shares of company stock worth $35,802,656. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Huntington National Bank boosted its position in shares of D-Wave Quantum by 17.9% during the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after acquiring an additional 500 shares in the last quarter. Sigma Planning Corp raised its position in D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after purchasing an additional 560 shares in the last quarter. AlphaStar Capital Management LLC raised its position in D-Wave Quantum by 2.2% during the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock valued at $708,000 after purchasing an additional 592 shares in the last quarter. Noble Wealth Management PBC lifted its stake in D-Wave Quantum by 6.7% during the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after purchasing an additional 600 shares during the last quarter. Finally, Thoroughbred Financial Services LLC lifted its stake in D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock worth $3,447,000 after purchasing an additional 602 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

About D-Wave Quantum

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.