The cluster is dominated by small asset managers making modest additions, while the largest seller (Exchange Traded Concepts) cut its position by two-thirds. The lack of insider buying and the small absolute dollar amounts suggest this is not a high-conviction signal. Monitor future 13F filings for larger institutional moves or a change in insider activity.
Executive Summary
In Q3 2026, five institutional investors added to their D-Wave Quantum positions while two trimmed, resulting in a net bullish cluster signal. However, the aggregate dollar values are small (buyers' current holdings total $3.4M) and the net change is slightly negative (-$80K), indicating limited conviction. Insider activity does not corroborate the institutional buying.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$80.0K
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Of Michigan Retirement System | ADD | +26.3% | $637.0K | -$93.0K |
| Farther Finance Advisors | ADD | +27.9% | $488.0K | -$64.0K |
| Concurrent Investment Advisors | ADD | +56.9% | $349.0K | $27.0K |
| Vontobel Holding | ADD | +48.6% | $1.9M | $49.0K |
| Assetmark | ADD | +85.2% | $7.0K | $2.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Exchange Traded Concepts | TRIM | -65% | $1.4M | -$1.1M |
| Bank Julius Baer & Co. Ltd, Zurich | TRIM | -45.7% | $63.0K | -$39.0K |
Key Facts
- 5 institutional buyers added positions in Q3 2026, with current holdings totaling $3.4M
- 2 institutional sellers trimmed positions, reducing holdings by $1.1M
- Net aggregate change across all tracked institutions was -$80K (slightly negative)
- Largest buyer was Vontobel Holding, adding 37.9K shares (+48.6%) to reach $1.9M position
- Largest seller was Exchange Traded Concepts, trimming 38.9K shares (-65.0%) reducing position to $348K
- Insider-institutional confluence score is low at 15/100, with no open-market insider buying
Financial Impact
Institutional cluster shows $3.4M in buyer holdings and $1.1M in seller reductions, net change of -$80K. Relative to D-Wave's $4.6B market cap, these moves are negligible.
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Aggregate net change is slightly negative despite more buyers, weakening the bullish signal
- No insider buying to corroborate the institutional accumulation
- All participants are asset managers, not activist or event-driven funds, reducing signal intensity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-QBTS-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 3 | $10.63 | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | Institutional Cluster | $11.56 | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 4d ago | 8-K | $11.77 | awaiting T+60 | awaiting T+60 | No price |
Oct 27, 2026 5d ago | Institutional Cluster | $11.77 | awaiting T+60 | awaiting T+60 | No price |
Oct 1, 2026 4w ago | 8-K | $16.56 | awaiting T+60 | awaiting T+60 | No price |
Sep 21, 2026 5w ago | 8-K | $17.70 | awaiting T+60 | awaiting T+60 | No price |
Sep 15, 2026 6w ago | 8-K | $16.41 | awaiting T+60 | awaiting T+60 | No price |
Sep 8, 2026 7w ago | 8-K | $17.67 | awaiting T+60 | awaiting T+60 | No price |
Aug 25, 2026 9w ago | 8-K | $17.51 | awaiting T+60 | awaiting T+60 | No price |
Aug 18, 2026 10w ago | 8-K | $19.53 | awaiting T+60 | awaiting T+60 | No price |
US Market Status
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