D-Wave Quantum (NASDAQ:QBTS) Shares Down 8% - What's Next?

Key Points

• QBTS shares fell 8% to $11.78 on Friday, with trading volume below average. The decline comes as investors question D-Wave’s valuation following a substantial stock rally and continued losses.
• D-Wave announced a multi-year manufacturing agreement with SkyWater Technology and delivered an Advantage2 system to Italy, supporting production reliability and international commercialization, though the announcements did not include material new revenue.
• Risks remain elevated: multiple securities class-action notices allege that D-Wave overstated its business and financial prospects, while its latest quarter missed analyst expectations on both EPS and revenue. Analysts nevertheless maintain a “Moderate Buy” consensus with a $36.27 average price target.

D-Wave Quantum Inc. (NASDAQ:QBTS - Get Free Report) traded down 8% during trading on Friday. The company traded as low as $11.74 and last traded at $11.78. 17,146,693 shares traded hands during trading, a decline of 35% from the average session volume of 26,339,146 shares. The stock had previously closed at $12.81.

D-Wave Quantum News Roundup

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

• Positive Sentiment: Multi-year manufacturing agreement: D-Wave and SkyWater Technology announced a multi-year deal intended to secure production capacity and strengthen the supply chain for D-Wave’s superconducting quantum systems. The agreement could improve manufacturing reliability and support future commercialization. D-Wave Quantum and SkyWater Technology manufacturing deal
• Positive Sentiment: International system deployment: D-Wave delivered its Advantage2 annealing quantum computer to Lombardy, Italy, for installation at Villa Saporiti. The system is funded by Swiss Quantum Technology and represents a commercial and international deployment of D-Wave’s technology, although the announcement does not disclose material new revenue. D-Wave delivers Italy’s first annealing quantum computer
• Neutral Sentiment: Quantum-stock rebound: D-Wave and other quantum-computing stocks recently rebounded after concerns about potential dilution pressured the sector. The move reflects broader industry sentiment rather than a company-specific change in fundamentals. Quantum computing stocks rebound after dilution scare
• Negative Sentiment: Several securities class-action notices: Multiple law firms announced or promoted litigation involving investors who purchased QBTS securities between February 26 and August 25, 2026. The complaints reportedly allege that D-Wave and certain executives overstated business and financial prospects. The allegations have not been proven, but the legal overhang could damage confidence and create potential costs or liabilities. Lead-plaintiff deadlines cited in the notices include December 14 and December 15, 2026. D-Wave Quantum class-action lawsuit
• Negative Sentiment: Valuation concerns: Commentary is questioning whether D-Wave’s valuation is justified after a substantial multi-year stock rally. With QBTS still loss-making and recent earnings below analyst expectations, valuation sensitivity may be amplifying selling pressure. D-Wave Quantum valuation scrutiny

Analyst Ratings Changes

Several research firms recently commented on QBTS. Zacks Research downgraded D-Wave Quantum from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. Jefferies Financial Group set a $40.00 price target on shares of D-Wave Quantum in a research report on Friday, August 7th. BMO Capital Markets began coverage on D-Wave Quantum in a research note on Thursday, August 20th. They issued an "outperform" rating and a $35.00 price objective for the company. Canaccord Genuity Group set a $35.00 price target on D-Wave Quantum in a research report on Thursday, August 6th. Finally, Roth Capital restated a "buy" rating and issued a $30.00 price objective on shares of D-Wave Quantum in a report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.27.

D-Wave Quantum Stock Down 8.0%

The stock has a fifty day moving average price of $17.26 and a 200-day moving average price of $19.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The firm has a market cap of $4.36 billion, a PE ratio of -16.59 and a beta of 2.18.

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

Insider Buying and Selling

In other news, VP Sophie Ames sold 3,070 shares of the company's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $16.95, for a total value of $52,036.50. Following the transaction, the vice president directly owned 589,009 shares of the company's stock, valued at approximately $9,983,702.55. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company's stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Adirondack Trust Co. lifted its holdings in shares of D-Wave Quantum by 267.3% during 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 period. Focus Financial Network Inc. lifted its holdings in shares of D-Wave Quantum by 60.8% during the 3rd quarter. Focus Financial Network Inc. now owns 29,606 shares of the company's stock valued at $491,000 after purchasing an additional 11,198 shares in the last quarter. Capital Advisors Wealth Management LLC lifted its position in D-Wave Quantum by 9.3% in the 3rd quarter. Capital Advisors Wealth Management LLC now owns 22,216 shares of the company's stock valued at $368,000 after acquiring an additional 1,890 shares in the last quarter. GAMMA Investing LLC lifted its stake in D-Wave Quantum by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 3,922 shares of the company's stock valued at $65,000 after acquiring an additional 698 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of D-Wave Quantum by 27.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 29,450 shares of the company's stock valued at $488,000 after acquiring an additional 6,426 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.

Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.

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