D-Wave Quantum (NASDAQ:QBTS) Shares Climb 2.7% - Should You Buy?

Key Points

• D-Wave shares rose 2.7% to $12.10, but trading volume was 57% below its average. The stock remains well below its 50-day and 200-day moving averages.
• The company is expanding commercially through Italy’s first annealing-system deployment and a continued manufacturing partnership with SkyWater Technology. Its approximately $546.2 million in liquidity supports further development, though cash burn remains a concern.
• Risks remain substantial: D-Wave recently missed revenue and EPS expectations, trades at roughly 353 times sales, and faces execution challenges, potential securities litigation, and uncertainty over converting cloud users into production customers. Analysts nevertheless maintain a “Moderate Buy” consensus with an average target of $36.27.

D-Wave Quantum Inc. (NASDAQ:QBTS - Get Free Report)'s stock price shot up 2.7% during mid-day trading on Wednesday. The stock traded as high as $12.23 and last traded at $12.10. 11,229,748 shares changed hands during trading, a decline of 57% from the average daily volume of 26,129,285 shares. The stock had previously closed at $11.78.

Key Headlines Impacting D-Wave Quantum

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

• Positive Sentiment: D-Wave is expanding in Europe after delivering Italy’s first annealing quantum-computing system under a reported €10 million VoltaB1 deal. The company also extended its semiconductor manufacturing relationship with SkyWater Technology, supporting future system production. Is Italy System Deployment Altering The Investment Case For D-Wave Quantum?
• Positive Sentiment: Approximately $546.2 million of liquidity gives D-Wave funding to continue quantum-computing development and commercial expansion despite elevated spending. This reduces immediate financing risk, although cash usage remains a concern. QBTS Liquidity Supports Expansion
• Neutral Sentiment: The investment case is increasingly dependent on D-Wave delivering two annealing systems in the fourth quarter and converting cloud customers into production users. Hardware differences versus IonQ also highlight the uncertainty over which quantum-computing approach will generate commercial returns. What Needs To Be True To Buy QBTS Stock Now?
• Negative Sentiment: Several law firms are promoting a securities class action covering investors who purchased QBTS shares from February 26 through August 25, 2026. The complaints allege that D-Wave overstated growth momentum before a revenue shortfall and CFO departure; these are allegations, not established findings. The lead-plaintiff deadline is generally December 15, 2026, although one notice cites December 14. QBTS Shareholder Alert
• Negative Sentiment: Valuation and execution risks remain significant: D-Wave has reportedly fallen about 70.8% over the past year while still trading at roughly 353 times sales, and rising cash burn and widening EBITDA losses increase pressure on future revenue growth.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QBTS. Roth Capital reiterated a "buy" rating and issued a $30.00 price objective on shares of D-Wave Quantum in a research note on Thursday, August 6th. Rosenblatt Securities restated a "buy" rating and set a $43.00 price target on shares of D-Wave Quantum in a research note on Friday, August 7th. Zacks Research downgraded D-Wave Quantum from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Wall Street Zen upgraded shares of D-Wave Quantum from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Benchmark assumed coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They issued a "buy" rating and a $30.00 price objective on the stock. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.27.

D-Wave Quantum Price Performance

The company's 50 day moving average is $16.74 and its 200 day moving average is $19.66. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of -17.04 and a beta of 2.18. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $3.08 million during the quarter, compared to analysts' expectations of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The firm's revenue for the quarter was down 0.6 on a year-over-year basis. During the same period last year, the company earned ($0.08) EPS. Research analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently modified their holdings of QBTS. Fiduciary Financial Advisors acquired a new stake in D-Wave Quantum during the 2nd quarter valued at $25,000. Parallel Advisors LLC lifted its stake in D-Wave Quantum by 545.5% in the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company's stock valued at $26,000 after acquiring an additional 1,511 shares during the last quarter. Adirondack Trust Co. lifted its stake in D-Wave Quantum by 267.3% in the third quarter. Adirondack Trust Co. now owns 1,649 shares of the company's stock valued at $27,000 after acquiring an additional 1,200 shares during the last quarter. PeakShares LLC bought a new stake in D-Wave Quantum in the first quarter worth approximately $29,000. Finally, Kelleher Financial Advisors bought a new stake in D-Wave Quantum in the second quarter worth approximately $39,000. Institutional investors and hedge funds own 42.47% of the company's stock.

About D-Wave Quantum

D-Wave Quantum Inc NASDAQ: QBTS is a quantum computing company that develops and provides quantum computing systems, software, and related services. The company focuses on both quantum annealing and gate-model quantum computing, with the goal of helping organizations address complex optimization, artificial intelligence, materials science, cybersecurity, and other computational challenges.

Its product portfolio includes quantum computing systems, hybrid quantum-classical solutions, and the Leap quantum cloud service, which gives customers access to D-Wave systems through the cloud.

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