D-Wave Quantum (NYSE:QBTS) Shares Down 6.8% on Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 6.8% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $16.52 and last traded at $16.95. Approximately 22,231,120 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 68,358,320 shares. The stock had previously closed at $18.18.

Specifically, CFO John M. Markovich sold 100,000 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total value of $1,800,000.00. Following the completion of the sale, the chief financial officer owned 1,558,753 shares of the company’s stock, valued at $28,057,554. This represents a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on QBTS shares. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a report on Wednesday, June 18th. Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Canaccord Genuity Group assumed coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They set a “buy” rating and a $20.00 target price on the stock. Rosenblatt Securities assumed coverage on D-Wave Quantum in a report on Tuesday, July 29th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Piper Sandler lifted their target price on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

D-Wave Quantum Price Performance

The stock has a 50 day moving average of $16.75 and a two-hundred day moving average of $11.52. The stock has a market cap of $4.97 billion, a PE ratio of -16.21 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). The company had revenue of $3.10 million during the quarter, compared to analysts’ expectations 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. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently bought and sold shares of QBTS. Vontobel Holding Ltd. grew its stake in D-Wave Quantum by 786.8% during the 1st quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company’s stock valued at $842,000 after acquiring an additional 98,350 shares in the last quarter. JPMorgan Chase & Co. grew its stake in D-Wave Quantum by 20.6% during the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company’s stock valued at $393,000 after acquiring an additional 8,001 shares in the last quarter. Bank of Montreal Can purchased a new position in D-Wave Quantum during the 4th quarter valued at about $111,000. Kingswood Wealth Advisors LLC purchased a new position in D-Wave Quantum during the 1st quarter valued at about $167,000. Finally, Verity Asset Management Inc. purchased a new position in D-Wave Quantum during the 1st quarter valued at about $251,000. 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.