Insider Selling: D-Wave Quantum (NYSE:QBTS) CFO Sells 50,000 Shares of Stock

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 50,000 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $16.30, for a total transaction of $815,000.00. Following the transaction, the chief financial officer directly owned 1,599,511 shares in the company, valued at approximately $26,072,029.30. This represents a 3.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

D-Wave Quantum Price Performance

D-Wave Quantum stock opened at $17.79 on Friday. D-Wave Quantum Inc. has a 52 week low of $0.87 and a 52 week high of $20.56. The company’s 50 day moving average price is $16.78 and its two-hundred day moving average price is $12.89. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. The stock has a market cap of $6.08 billion, a P/E ratio of -16.94 and a beta of 1.39.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The firm had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.D-Wave Quantum’s quarterly revenue was up 40.9% on a year-over-year basis. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on QBTS shares. Benchmark reaffirmed a “buy” rating and issued a $20.00 price target on shares of D-Wave Quantum in a report on Monday, August 4th. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a report on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price target on the stock. Piper Sandler lifted their price target on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Finally, Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Eleven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $19.27.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock valued at $85,766,000 after buying an additional 4,166,721 shares in the last quarter. State Street Corp grew its position in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after purchasing an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 41.6% during the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock valued at $93,877,000 after purchasing an additional 1,883,109 shares in the last quarter. Marex Group plc purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at $80,070,000. Finally, Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.