D-Wave Quantum (NYSE:QBTS) Shares Gap Down on Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $19.04, but opened at $17.91. D-Wave Quantum shares last traded at $18.85, with a volume of 46,368,483 shares traded.

Specifically, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the sale, the chief financial officer now owns 1,577,944 shares in the company, valued at approximately $27,298,431.20. The trade was a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roger Biscay sold 96,521 shares of D-Wave Quantum stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total value of $1,723,865.06. Following the sale, the director now owns 106,626 shares in the company, valued at $1,904,340.36. This trade represents a 47.51% decrease in their position. The disclosure for this sale can be found here. In other news, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total transaction of $259,891.50. Following the sale, the director now owns 203,147 shares in the company, valued at approximately $3,368,177.26. The trade was a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

A number of research firms have recently commented on QBTS. Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC lifted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. B. Riley lifted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Benchmark raised their price target on D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $10.17.

D-Wave Quantum Stock Down 1.5%

The stock has a fifty day moving average of $8.76 and a 200-day moving average of $6.66. The stock has a market cap of $5.46 billion, a PE ratio of -44.65 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts’ expectations of $10.50 million. Equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 4,166,721 shares in the last quarter. Bank of America Corp DE boosted its holdings in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum in the 4th quarter valued at approximately $20,258,000. Penserra Capital Management LLC boosted its holdings in D-Wave Quantum by 80.1% in 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. Finally, Trexquant Investment LP purchased a new stake in D-Wave Quantum in the 1st quarter valued at approximately $8,064,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.