D-Wave Quantum Inc. $QBTS Shares Purchased by Geode Capital Management LLC

Key Points

• Geode Capital Management boosted its D-Wave Quantum stake by 11.5% in the fourth quarter, buying 866,405 more shares and bringing its position to 8.39 million shares worth about $220 million.
• Wall Street sentiment remains mostly positive: several analysts reiterated buy ratings, with target prices recently raised as high as $40–$43, and the stock’s consensus rating is still Moderate Buy.
• D-Wave is also benefiting from major catalysts, including a tentative $100 million federal funding award tied to the U.S. quantum initiative, even as insiders have sold shares and the company reported weaker revenue in its latest quarter.

Geode Capital Management LLC increased its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 11.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,394,726 shares of the company's stock after purchasing an additional 866,405 shares during the quarter. Geode Capital Management LLC owned 2.27% of D-Wave Quantum worth $220,085,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Huntington National Bank lifted its holdings in D-Wave Quantum by 17.9% in the third quarter. Huntington National Bank now owns 3,300 shares of the company's stock valued at $82,000 after acquiring an additional 500 shares during the period. Sigma Planning Corp lifted its holdings in D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company's stock valued at $431,000 after acquiring an additional 560 shares during the period. AlphaStar Capital Management LLC lifted its holdings in D-Wave Quantum by 2.2% in the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company's stock valued at $708,000 after acquiring an additional 592 shares during the period. Noble Wealth Management PBC lifted its holdings in D-Wave Quantum by 6.7% in the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company's stock valued at $251,000 after acquiring an additional 600 shares during the period. Finally, Arizona State Retirement System lifted its holdings in D-Wave Quantum by 0.7% in the fourth quarter. Arizona State Retirement System now owns 92,037 shares of the company's stock valued at $2,407,000 after acquiring an additional 613 shares during the period. Institutional investors and hedge funds own 42.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on QBTS shares. Roth Mkm raised their target price on D-Wave Quantum from $30.00 to $40.00 and gave the company a "buy" rating in a report on Tuesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. TD Cowen started coverage on D-Wave Quantum in a report on Thursday, February 12th. They issued a "buy" rating for the company. Wall Street Zen downgraded D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, February 7th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.40.

Key Stories Impacting D-Wave Quantum

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

• Positive Sentiment: D-Wave was tentatively awarded $100 million in federal funding, part of a broader U.S. quantum initiative that could support hardware development and commercialization efforts. D-Wave Seeks to Leverage IBM’s Quantum Foundry. $100 Million in Federal Funding Will Help.
• Positive Sentiment: Analysts stayed constructive, with Rosenblatt Securities reiterating a buy rating and a $43 price target, and Needham also reaffirming buy with a $40 target. Analyst reiterations via Benzinga
• Positive Sentiment: Market coverage highlighted that the latest federal contract adds to D-Wave’s momentum and may strengthen its R&D position as quantum adoption advances. How the Latest Federal Contract Boosts D-Wave's Prospects
• Positive Sentiment: D-Wave also unveiled a new gate-model roadmap aimed at fault-tolerant quantum computing, which signals a push beyond its current annealing niche and could improve long-term growth prospects. D-Wave Charts a New Course to Fault-Tolerant Quantum Computing with Gate-Model Roadmap
• Neutral Sentiment: Broader coverage on the $2 billion U.S. quantum initiative and sector-wide rally is helping keep quantum stocks in focus, but this is more a thematic tailwind than a company-specific catalyst. DoC's $2B Quantum Initiative Puts These 2 Stocks in the Spotlight
• Neutral Sentiment: Some articles asked whether QBTS has already run too far after a strong 2025 move, which may reflect valuation concerns rather than a direct fundamental setback. QBTS soars 168% in 2025: Should you buy for 2026 or wait for pullback?

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the completion of the sale, the chief financial officer owned 1,442,820 shares in the company, valued at approximately $39,966,114. This trade represents a 18.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the sale, the director owned 19,803 shares of the company's stock, valued at approximately $356,652.03. This represents a 28.77% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 383,553 shares of company stock worth $10,118,016. Corporate insiders own 1.30% of the company's stock.

D-Wave Quantum Trading Up 2.7%

Shares of QBTS stock opened at $29.97 on Wednesday. D-Wave Quantum Inc. has a fifty-two week low of $12.75 and a fifty-two week high of $46.75. The stock has a market cap of $11.09 billion, a P/E ratio of -26.52 and a beta of 2.05. The business has a fifty day simple moving average of $19.81 and a 200-day simple moving average of $22.11. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates 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 quarter last year, the business posted ($0.02) earnings per share. The business's revenue for the quarter was down 80.9% on a year-over-year basis. On average, analysts forecast that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

D-Wave Quantum 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.

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