D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.2% After Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 2.2% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $15.41 and last traded at $15.65. 13,351,028 shares changed hands during trading, a decline of 71% from the average session volume of 45,960,928 shares. The stock had previously closed at $16.00.

Specifically, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total value of $731,085.60. Following the sale, the director now directly owns 57,778 shares in the company, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director now owns 14,260 shares in the company, valued at approximately $240,281. This represents a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the sale, the director now owns 44,295 shares in the company, valued at $726,438. The trade was a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Ratings Changes

QBTS has been the topic of several recent analyst reports. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC lifted their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a research report on Friday. B. Riley lifted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Finally, Benchmark lifted their price target on D-Wave Quantum from $14.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and a consensus target price of $11.17.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The firm’s 50 day moving average is $11.90 and its 200 day moving average is $8.45. The firm has a market cap of $4.54 billion, a P/E ratio of -25.91 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The firm had revenue of $15.00 million for the quarter, compared to analysts’ expectations of $10.50 million. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $38,000. Russell Investments Group Ltd. lifted its stake in shares of D-Wave Quantum by 133.9% in the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock worth $42,000 after buying an additional 3,165 shares in the last quarter. Signaturefd LLC lifted its stake in shares of D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after buying an additional 2,971 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after buying an additional 3,266 shares in the last quarter. 42.47% of the stock is owned by 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.