M&T Bank Corp Takes Position in D-Wave Quantum Inc. $QBTS

Key Points

• M&T Bank purchased a new stake of 45,333 shares in D-Wave (~$1.19M) in Q4, while other institutions including Vanguard and UBS materially increased positions, leaving institutional investors with about 42.47% ownership.
• Analyst sentiment is largely positive—14 Buy, 2 Hold and 1 Sell—with an average price target of about $35.53 (MarketBeat: "Moderate Buy").
• Operationally D-Wave recently missed Q4 expectations (EPS -$0.09 vs. -$0.05; revenue $2.75M vs. $3.74M) and shows negative margins, but management’s first-ever Investor Day and active investor outreach are being promoted as near-term catalysts amid valuation and execution risks.

M&T Bank Corp purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 45,333 shares of the company's stock, valued at approximately $1,185,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company's stock valued at $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG boosted its holdings in shares of D-Wave Quantum by 541.6% in the third 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 during the period. State Street Corp boosted its holdings in shares of D-Wave Quantum by 41.3% in the second quarter. State Street Corp now owns 6,648,395 shares of the company's stock valued at $97,333,000 after buying an additional 1,941,762 shares during the period. UNICOM Systems Inc. boosted its holdings in shares of D-Wave Quantum by 12.1% in the third quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company's stock valued at $77,128,000 after buying an additional 337,838 shares during the period. Finally, Clear Street Group Inc. acquired a new position in shares of D-Wave Quantum in the third quarter valued at approximately $75,344,000. Institutional investors and hedge funds own 42.47% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. TD Cowen assumed coverage on shares of D-Wave Quantum in a report on Thursday, February 12th. They issued a "buy" rating for the company. Needham & Company LLC reduced their price target on shares of D-Wave Quantum from $48.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group set a $43.00 target price on shares of D-Wave Quantum in a report on Thursday, January 29th. Benchmark restated a "buy" rating and set a $35.00 target price on shares of D-Wave Quantum in a report on Friday, January 23rd. Finally, Zacks Research upgraded shares of D-Wave Quantum from a "strong sell" rating to a "hold" rating in a report on Tuesday. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum has an average rating of "Moderate Buy" and an average target price of $35.53.

Key Headlines Impacting D-Wave Quantum

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

• Positive Sentiment: D-Wave announced its first-ever Investor Day at the New York Stock Exchange — management will present the company’s dual-platform (annealing + gate-model) strategy directly to investors, intended to raise visibility and clarify the roadmap. This event is being cited as a near-term catalyst for sentiment. Investor Day Announcement
• Positive Sentiment: Zacks Research upgraded QBTS from “strong sell” to “hold,” which can support short-term buying interest from investors who track analyst ratings. Zacks Upgrade
• Positive Sentiment: Management is actively courting investors via conferences and roadshows to highlight the firm’s dual‑platform pitch and bookings growth — activity that typically helps restore visibility and liquidity. Investor Outreach
• Neutral Sentiment: Coverage lays out both bullish and bearish cases (technology potential vs execution/monetization risk), useful for investors weighing longer-term thesis vs near-term volatility. Bull vs. Bear
• Neutral Sentiment: Comparative pieces (QBTS vs RGTI) highlight that QBTS benefits from AI-quantum tailwinds and booking momentum but faces the same sector volatility and execution risk as peers. These comparisons frame upside potential alongside competitive risks. QBTS vs RGTI
• Negative Sentiment: Valuation and volatility remain concerns: recent analysis notes wide share swings, mixed longer-term returns, and that QBTS has seen sharp moves that could reverse if execution or bookings disappoint. Valuation Assessment
• Negative Sentiment: Macro/sector caution: commentary about a software/tech bear-market impulse urges caution about “buy the dip” narratives and stresses that headline-driven rallies can be short-lived. Bear Market Caution

Insider Activity at D-Wave Quantum

In other news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the transaction, the director directly owned 19,803 shares of the company's stock, valued at $356,652.03. This represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Markovich sold 10,706 shares of the stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the transaction, the chief financial officer directly owned 1,451,427 shares in the company, valued at $25,588,658.01. The trade was a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,776 shares of company stock valued at $574,571 over the last three months. Company insiders own 3.20% of the company's stock.

D-Wave Quantum Price Performance

Shares of QBTS opened at $20.33 on Friday. The firm has a market capitalization of $7.52 billion, a PE ratio of -18.48 and a beta of 1.78. The company's 50-day moving average is $17.44 and its 200-day moving average is $23.63. D-Wave Quantum Inc. has a fifty-two week low of $6.82 and a fifty-two week high of $46.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The company had revenue of $2.75 million during the quarter, compared to the consensus estimate of $3.74 million. D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. D-Wave Quantum's revenue was up 21.7% compared to the same quarter last year. Equities analysts forecast that D-Wave Quantum Inc. will post -0.44 EPS for the current year.

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.

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