Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

D-Wave Quantum Inc (QBTS)

493 + Investors. Track Smart Money conviction in QBTS. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -12
Streak
1Q ▼
Buyers last Q
51%

Smart Money Signals — QBTS

Based on 496 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their QBTS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (98% of max)

98% of all-time peak
496 hedge funds hold QBTS right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +82% more funds vs a year ago

fund count last 6Q
+223 new funds entered over the past year (+82% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 51% buying

269 buying260 selling
Last quarter: 269 funds bought or added vs 260 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-53 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 117 → 139 → 141 → 88. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄

Mostly new holders — 46% entered in last year

■ 10% conviction (2yr+) ■ 44% medium ■ 46% new
Only 52 funds (10%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎

Buying through price weakness — shares -5%, value -49%

Value
-49%
Shares
-4%
Last quarter: funds added -5% more shares while total portfolio value only changed -49%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~88 new funds/quarter

121 → 117 → 139 → 141 → 88 new funds/Q
New funds entering each quarter: 117 → 139 → 141 → 88. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱

Early stage — 67% of holders entered in last year

■ 13% veterans ■ 20% 1-2yr ■ 67% new
Of 528 current holders: 353 (67%) entered in the past year, only 69 (13%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
✅

Strong quality — 36% AUM from major funds

36% from top-100 AUM funds
50 of 485 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — QBTS

In 2026 Q1, 269 hedge funds were net buyers of QBTS (88 opened a new position, 181 added to an existing one), while 260 reduced or exited (160 trimmed, 100 sold completely) — a 51% buyer ratio, indicating a slight buying edge. 36% of total institutional value in QBTS is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -12 funds (more exits than new entries). Total institutional holders: 496.

Hedge Fund Ownership: QBTS

How many hedge funds hold QBTS — quarterly history vs. share price
Quarterly hedge fund ownership of QBTS vs. share price

Market Analysis: QBTS

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: QBTS

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy D-Wave Quantum Inc (QBTS) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much QBTS has moved relative to its sector benchmark (XLK) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 82d ago
QBTS
+71.1%
XLK
+44.0%

QBTS outperformed XLK by +27.1% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 37d ago
QBTS
+21.3%
XLK
+8.6%

Since the filing became public, QBTS outperformed XLK by +12.7% .

Interpretation: The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

38 top-rated funds 2 high-conviction
Consensus
6.9
/ 10
breadth
×
Elite
2.2
/ 10
conviction
Hedge Fund Positioning: QBTS
493 + Investors

Track Smart Money conviction in QBTS. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 493 508 -2.95%
13F Shares 199M 210M -4.94%
Total Value $2.81B $5.54B -49.27%
New Positions 87 141 -54
Increased Positions 169 176 -7
Closed Positions 102 81 +21
Reduced Positions 151 145 +6
Total Calls 23 26 -11.54%
Total Puts 20 23 -13.04%
PUT/CALL Ratio 0.87 0.88 Neutral

Statistics: QBTS

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Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
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Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

493 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in QBTS. Verified SEC 13F-HR filings.

QUARTER:
Top 25 QBTS holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 UNICOM Systems, Inc. 4.62% 3,121,346 $45.0M
2 Laidlaw Wealth Management LLC 2.03% 40,621 $586K
3 SLT Holdings LLC 1.90% 195,021 $2.8M
4 Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 0.76% 266,805 $3.8M
5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 0.76% 21,332 $308K
6 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 0.74% 781,195 $11.3M
7 Telemark Asset Management, LLC 0.67% 500,000 $7.2M
8 Strategic Advocates LLC 0.66% 10,398 $150K
9 McGuire Investment Group, LLC 0.62% 379,889 $5.5M
10 Bouvel Investment Partners, LLC 0.52% 123,916 $1.8M
11 QVT Financial LP 0.38% 360,000 $5.2M
12 Clear Street Group Inc. 0.33% 5,708,970 $82.4M
13 DMC Group, LLC 0.31% 32,152 $464K
14 BayBridge Capital Group, LLC 0.31% 19,018 $497K
15 Encore Global Management, LP 0.30% 30,000 $433K
16 Brown Miller Wealth Management, LLC 0.30% 72,421 $1.0M
17 Piar LLC 0.30% 26,327 $380K
18 bLong Financial, LLC 0.29% 26,943 $389K
19 Veracity Capital LLC 0.29% 57,007 $823K
20 Latash Investments, LLC 0.29% 26,211 $378K
21 GFS Advisors, LLC 0.28% 114,600 $2.2M
22 Emerald Mutual Fund Advisers Trust 0.25% 358,640 $5.2M
23 Emerald Advisers, LLC 0.25% 540,331 $7.8M
24 Carroll Investors, Inc 0.24% 30,485 $440K
25 Marietta Investment Partners LLC 0.22% 77,760 $1.1M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — D-Wave Quantum Inc (QBTS)

What does the Smart Money Trend signal show for QBTS?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their QBTS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for QBTS?

Slight buying edge — 51% buying: Last quarter: 269 funds bought or added vs 260 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for QBTS holders?

Strong quality — 36% AUM from major funds: 50 of 485 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held QBTS?

Mostly new holders — 46% entered in last year: Only 52 funds (10%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

Is it too late to buy D-Wave Quantum Inc (QBTS) following the 2026 Q1 hedge fund 13F filings?

As of today, QBTS has moved +21.3% since the 2026 Q1 13F filing date (May 15, 2026), compared to +8.6% for the XLK sector ETF — an outperformance of +12.7%. Since the quarter end (March 31, 2026), QBTS has gained +71.1% vs +44.0% for XLK. The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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