Shares of D-Wave Quantum (NYSE: QBTS) experienced an epic journey in the first five months of 2025 amid both good news and outspoken bearish critique. As of mid-June, though, the bulls seem to be winning: shares of QBTS are up nearly 87% year-to-date (YTD) and an astonishing 1,400% in the past 12 months.
Although all six analysts who have recently reviewed D-Wave rate it as a Buy, suggesting strong confidence in the stock, concerns about QBTS being overvalued may still give even optimistic investors pause. Consensus price targets would suggest that QBTS is likely to face downside potential of more than 43%, and the sky-high price-to-sales ratio of 248.51 does not help either.
