D-Wave Quantum Inc. (NYSE: QBTS) ended a shortened Christmas Eve session under pressure, then ticked higher in after-hours trading—keeping the quantum-computing “pure play” at the center of one of 2025’s most volatile tech narratives.
As of after-hours trading on Wednesday, Dec. 24, 2025, QBTS was up about 0.62% to $27.69 after the close. [1]
In the regular session, the stock finished at $27.52, down about 5.49%, after opening near $29.65 and trading as low as $26.94 on the day. [2]
With U.S. markets closed for Christmas Day, there’s no “tomorrow morning” open to trade into—the next regular session is Friday, Dec. 26, 2025. [3]
That gap matters: it gives headlines, analyst notes, and SEC filings more time to circulate—often amplifying sentiment in names like QBTS that already trade on momentum and high expectations.
Below is what happened after the bell today—and what investors should keep in mind before the next opening print.
QBTS after the bell: what the stock did on Christmas Eve
Closing/after-hours snapshot (Dec. 24, 2025):
- Regular-session close:$27.52 (-5.49%) [4]
- After-hours move:$27.69 (+0.62%) [5]
- Day range: roughly $26.94 to $29.68 [6]
- Volume: about 23.2M shares, notable for a shortened holiday session [7]
It’s also important to read today’s tape in context. QBTS has been swinging sharply over the last three sessions:
- Dec. 22:+20.02% to $32.19 (big rally day) [8]
- Dec. 23:-9.54% to $29.12 (fast give-back) [9]
- Dec. 24:-5.49% to $27.52 (continued pullback) [10]
That’s classic “high-beta theme stock” behavior—and it’s happening during a period when broader-market liquidity is typically thinner and price moves can be exaggerated.
The market is closed Thursday: why “tomorrow morning” really means Friday
If you’re looking for a pre-market setup “tomorrow,” note the calendar:
- U.S. stock markets were open with an early close on Dec. 24 and are closed on Dec. 25 for Christmas Day. [11]
- The next regular trading day is Friday, Dec. 26, 2025. [12]
This matters for QBTS because a closed day increases the odds that Friday’s open reflects pent-up order flow—especially if more headlines land while the market is shut.
Today’s biggest QBTS headline driver: insider sales disclosed via Form 4
One of the most widely discussed QBTS developments in the last 24 hours is not an earnings report or product launch—it’s insider selling disclosed in SEC filings.
CEO Alan Baratz: option exercise and sale (Dec. 22 transaction; filed Dec. 23)
A Form 4 shows CEO Alan Baratz executed an option exercise and then sold 793,712 shares, with the filing indicating the trade was made pursuant to a Rule 10b5-1 plan. [13]
CFO John Markovich: option exercise and sale (Dec. 22 transaction; filed Dec. 23)
A separate Form 4 shows CFO John M. Markovich exercised 100,000 options and sold 100,000 shares, also flagged as executed under a Rule 10b5-1 plan. [14]
Why it matters for the stock:
Even when insider sales are pre-planned (10b5-1) and tied to option exercises, the market often reacts negatively in momentum names—especially after a big run—because it feeds a simple narrative: “insiders are taking profits.”
What to keep in mind:
- 10b5-1 plans are specifically designed to reduce concerns about trading on material nonpublic information by setting predetermined terms. The filings explicitly check the 10b5-1 box. [15]
- Still, in a sentiment-driven ticker, perception can be as powerful as fundamentals in the short run—particularly heading into a low-liquidity holiday stretch.
Options activity: traders are watching QBTS very closely
QBTS also showed up repeatedly today in options-focused commentary—another sign the stock remains a high-attention vehicle.
- Benzinga’s options scan reported elevated options positioning, noting average open interest around 1,918.75 and total options volume of about 4,226, with activity across a strike range roughly $23 to $45. [16]
- Separately, TheFly’s “unusually active option classes” list included D-Wave Quantum (QBTS) among the notable names at the open. [17]
How to interpret this (without over-reading it):
- Options flow can reflect directional bets, but it can also be hedging, market-making, or spread structures that don’t translate cleanly into “bullish” or “bearish.”
- What it does tell you is that the market expects movement—and that matters for anyone holding shares into the next session.
Forecasts and price targets: Wall Street remains broadly constructive, but numbers vary by data source
Despite the volatility, “Street” consensus has not flipped decisively bearish—at least in the aggregated target data.
Analyst consensus via Investing.com
Investing.com’s consensus snapshot lists:
- Consensus rating: “Strong Buy”
- Average 12-month target: about $38.75
- High:$48
- Low:$22.54 [18]
Against a ~$27.5 handle tonight, that implies meaningful upside—on paper.
Analyst consensus via StockAnalysis
StockAnalysis shows:
- Consensus rating: Strong Buy
- Average target:$31.50
- Range cited: $12 to $46 [19]
Why the difference?
Different platforms include different analyst sets and update schedules. The key takeaway isn’t the exact dollar figure—it’s that published targets still skew above the current price, even after the recent surge and pullback.
Recent coverage momentum
In recent weeks, multiple firms have initiated or refreshed coverage across the quantum cohort, and QBTS has been among the most actively discussed names in that group. [20]
The bearish case that gained traction today: “the valuation is ahead of the business”
While target prices remain elevated, one of today’s most circulated mainstream takes struck a cautious tone.
A Motley Fool analysis published today argues that D-Wave’s 2025 surge has left it at a steep premium and suggests that, if the market re-rates the stock and it “loses three-quarters of its value,” QBTS could be around $7 per share by year-end 2026. [21]
The piece also highlights the mismatch between valuation and current-scale revenue (and the reality that the company remains unprofitable), framing the stock as highly sensitive to sentiment shifts. [22]
You don’t have to agree with the conclusion to understand why it matters: it captures the core debate investors are having about QBTS right now—whether the stock is pricing in “the quantum future” too quickly.
Near-term catalysts: CES 2026 and D-Wave’s early-January visibility
The most concrete, company-specific catalyst on the near calendar remains D-Wave’s planned presence at CES-related programming.
In a company press release, D-Wave said it will participate in CES 2026 as a sponsor of the CES Foundry event in Las Vegas on January 7–8, 2026, showcasing its annealing quantum computing tech, hybrid solvers, and customer use cases. [23]
The release also notes a masterclass/demo on January 7 and points to D-Wave’s Qubits user conference on January 27–28, 2026 in Boca Raton, Florida. [24]
What to watch:
- Any incremental announcements tied to demos, customer stories, partnerships, or government/enterprise adoption narratives in the run-up to CES.
- Whether the market treats CES visibility as a real demand catalyst—or just marketing.
The next earnings date: what calendars are currently projecting
Earnings timing also shapes positioning, especially in volatile names where options premiums can rise around event windows.
- Market calendars are currently estimating D-Wave’s next earnings report around March 12, 2026 (not necessarily confirmed by the company yet). [25]
Because this is an estimate, it’s worth checking the company’s investor relations updates as the date approaches.
What to know before the next market open
Here’s a practical checklist of what matters most between now and Friday’s open (Dec. 26):
1) There is no Thursday session—expect Friday to absorb two days of narrative
Markets are closed Dec. 25 and reopen Dec. 26. [26]
For QBTS, that means sentiment can snowball while trading is paused.
2) Insider-sale headlines may continue to circulate
The CEO and CFO Form 4 disclosures are fresh, highly shareable, and easy to misunderstand. The filings explicitly reference 10b5-1 plan execution. [27]
Expect “insider selling” to remain a prominent keyword in QBTS coverage into the next session.
3) Options positioning suggests elevated expectations for movement
Between the Benzinga options read and “unusual activity” lists, traders are clearly watching QBTS closely. [28]
That can translate into sharp opens—up or down—especially if the broader quantum complex moves in sympathy.
4) Remember the holiday liquidity effect
Christmas Eve trading is often lighter and can exaggerate moves, even as major indices can still drift to record levels. [29]
In other words: don’t assume today’s move alone “proves” a new trend—confirmation often comes when full liquidity returns.
5) Keep the CES/Qubits calendar on your radar
D-Wave’s early-January visibility is real and scheduled, and the company is actively positioning its tech as “commercial” and “value-creating today.” [30]
Whether that translates into revenue momentum is the longer-term question—but the market trades the storyline first.
Bottom line
Tonight’s read on QBTS is a classic split-screen:
- The stock’s short-term tape is dominated by momentum unwinds, holiday liquidity, and insider-sale headlines. [31]
- The medium-term debate remains whether D-Wave’s commercialization narrative (and the broader quantum boom) justifies the valuation—or whether the stock is pricing in too much, too soon. [32]
- Meanwhile, Wall Street targets remain generally above current levels, though the “average target” varies meaningfully depending on the source. [33]
With the market closed Thursday, Friday, Dec. 26 becomes the next real test: do dip buyers step in again, or does the post-rally digestion continue?
This article is for informational purposes only and is not financial advice.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.nyse.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. stockanalysis.com, 7. stockanalysis.com, 8. stockanalysis.com, 9. stockanalysis.com, 10. stockanalysis.com, 11. www.nyse.com, 12. finance.yahoo.com, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.benzinga.com, 17. www.tipranks.com, 18. www.investing.com, 19. stockanalysis.com, 20. www.investors.com, 21. www.fool.com, 22. www.fool.com, 23. www.dwavequantum.com, 24. www.dwavequantum.com, 25. www.marketbeat.com, 26. www.nasdaq.com, 27. www.sec.gov, 28. www.benzinga.com, 29. www.reuters.com, 30. www.dwavequantum.com, 31. www.sec.gov, 32. www.fool.com, 33. www.investing.com
