QBTS Soars 12.9% on Evercore Outperform Rating and Strategic Shift Toward Government Contracts

Summary
• Evercore ISI initiates coverage with an outperform rating and $44 price target for QBTS
• D-Wave unveils new U.S. government-focused business unit led by Jack Sears Jr.
• Intraday surge sees QBTS trade at $28.315, up 12.9% from $25.08 close

D-Wave Quantum (QBTS) has ignited a 12.9% intraday rally, trading at $28.315 as of 19:30 ET, driven by a strategic pivot toward government contracts and a bullish analyst report. The stock’s 52-week high of $46.75 remains within reach as technical indicators and options activity suggest sustained momentum.

Evercore’s Outperform Rating and Government Unit Drive QBTS Surge
The 12.9% intraday jump in QBTS is directly attributable to two catalysts: Evercore ISI’s initiation of coverage with an outperform rating and a $44 price target, and D-Wave’s announcement of a new government-focused business unit. Evercore analyst Mark Lipacis highlighted three investment themes—quantum computing adoption, hybrid solver demand, and secure access solutions—positioning D-Wave as a top-performing quantum stock in 2025. Simultaneously, the new unit, led by Jack Sears Jr., targets federal applications in national security and infrastructure, aligning with growing U.S. government interest in quantum technologies. These developments have reinvigorated investor sentiment, particularly as the stock trades at a 12.9% premium to its previous close.

Computer Hardware Sector Gains Momentum as QBTS Outpaces Peers
The broader computer hardware sector has seen mixed performance, but QBTS’s 12.9% surge outpaces peers like Dell Technologies (DELL), which rose 2.7% intraday. While DELL’s gains reflect broader enterprise IT demand, D-Wave’s rally is fueled by niche quantum computing adoption and government contracts. This divergence underscores the sector’s bifurcation between established infrastructure providers and high-growth quantum innovators.

Options and ETFs to Capitalize on QBTS’s Bullish Momentum
• 200-day average: 17.29 (well below current price)
• RSI: 45.93 (neutral to bullish)
• MACD: -2.02 (bullish crossover potential)
• Bollinger Bands: 30.99 (upper), 24.53 (middle), 18.07 (lower)

QBTS’s technical profile suggests a continuation of its upward trajectory. The stock is trading above its 200-day average and within the upper Bollinger Band, indicating strong short-term momentum. The RSI at 45.93 suggests room for further gains before reaching overbought territory. For options traders, two contracts stand out:

• QBTS20251212C28 (Call, $28 strike, 12/12 expiration):
- Implied Volatility: 114.42% (high)
- LVR: 12.12% (moderate)
- Delta: 0.585 (moderate sensitivity)
- Theta: -0.176 (rapid time decay)
- Gamma: 0.0758 (moderate price sensitivity)
- Turnover: $545,248 (high liquidity)
- Payoff at 5% upside (29.73): $1.73/share
- This contract offers a balance of leverage and liquidity, ideal for capitalizing on a potential breakout above $29.50.

• QBTS20251212C28.5 (Call, $28.5 strike, 12/12 expiration):
- Implied Volatility: 108.07% (high)
- LVR: 14.30% (moderate)
- Delta: 0.545 (moderate sensitivity)
- Theta: -0.168 (rapid time decay)
- Gamma: 0.0816 (moderate price sensitivity)
- Turnover: $249,567 (high liquidity)
- Payoff at 5% upside (29.73): $1.23/share
- This option provides slightly higher leverage with comparable liquidity, suitable for a more aggressive play on a sustained rally.

Action: Aggressive bulls should consider QBTS20251212C28 into a break above $29.50, while conservative traders may use QBTS20251212C28.5 as a core position. Both contracts benefit from high implied volatility and strong gamma, amplifying returns in a bullish scenario.

Backtest D-Wave Quantum Stock Performance

QBTS Poised for Breakout—Act on Strategic Catalysts and Options Liquidity
QBTS’s 12.9% surge is underpinned by a compelling mix of analyst upgrades and strategic expansion into government contracts. With technical indicators favoring a continuation of the rally and options liquidity supporting leveraged plays, the stock is positioned to test its 52-week high of $46.75. Investors should monitor the $29.50 level as a critical breakout threshold, with Evercore’s $44 price target acting as a near-term ceiling. Meanwhile, sector leader Dell Technologies (DELL) has risen 2.7% intraday, reflecting broader hardware demand. Act now: Position in QBTS20251212C28 for a high-liquidity, high-gamma play on a potential $30+ move.