After an impressive rally in 2025, D-Wave Quantum stock is experiencing a volatile pullback in the first week of trading after Christmas.

• D-Wave shares have to give up significantly on Friday
• Recent Form 4 filings with the SEC show that CEO Alan Baratz and CFO John Markovich made stock sales worth millions
• Analysts remain optimistic

Trading history: divergence from the overall market

On Friday, the market-wide S&P 500 on Wall Street reached a new record high – but things looked completely different for the D-Wave Quantum share. Experts attribute this to the lower liquidity between years, which often increases price movements in speculative “theme stocks”.

Insider transactions: Planned sales weigh on sentiment

Reports of sales by company management provided a topic of discussion. CEO Alan Baratz exercised options on approximately 794,000 shares at a price of $0.91 and sold them at an average price of approximately $30.13. CFO John Markovich also sold 100,000 shares after exercising his options. Both transactions are based on so-called 10b5-1 plans that were set in August 2025 to avoid accusations of insider trading. Nevertheless, the market reacted mechanically to the increased supply of shares.

The Outlook: CES 2026 and Qubits Conference

Despite the current price losses, the flow of news remains operationally positive. D-Wave will present its “annealing” quantum computers to a wide audience at CES 2026 (January 7-8) in Las Vegas. The focus is on real use cases from industry – an important step in transferring the technology from research to commercial practice. This will be followed shortly by the “Qubits” user conference (January 27-28) in Florida, where updates on the roadmap and collaborations in the area of ​​“Quantum AI” are expected.

D-Wave Stock: Fundamentals and Analysts’ Views

The 2025 financial year was a year of growth for D-Wave: In the third quarter, sales doubled to $3.7 million, while bookings (orders received) increased massively. In addition, the company recently had a record cash position of over $836 million, significantly extending its financial reach.

However, critical voices, including from Motley Fool, urge caution. With a price-to-sales ratio (P/S) of over 300 and high net losses, the valuation is extremely ambitious. Comparisons to the dot-com bubble are being made, with skeptics believing that price declines to as low as $7.00 are possible in the event of a market correction in 2026.

On Friday, D-Wave Quantum shares on the NYSE ultimately lost a whopping 8.1 percent to $25.29, moving away from their all-time high from mid-October of $46.75.

Editorial team finanzen.net


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