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 $23.39, but opened at $21.58. D-Wave Quantum shares last traded at $24.1470, with a volume of 26,279,860 shares traded.

Specifically, CFO John M. Markovich sold 98,060 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $23.17, for a total transaction of $2,272,050.20. Following the completion of the transaction, the chief financial officer directly owned 1,482,874 shares in the company, valued at approximately $34,358,190.58. This represents a 6.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 168,102 shares of D-Wave Quantum stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $23.17, for a total transaction of $3,894,923.34. Following the completion of the sale, the chief executive officer owned 2,633,163 shares of the company’s stock, valued at approximately $61,010,386.71. This trade represents a 6.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In related news, CEO Alan E. Baratz sold 806,288 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total value of $23,277,534.56. Following the sale, the chief executive officer directly owned 2,801,265 shares of the company’s stock, valued at $80,872,520.55. This represents a 22.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Rosenblatt Securities raised their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Piper Sandler increased their price target on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a report on Monday, August 4th. Canaccord Genuity Group upped their price objective on D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, Roth Capital set a $40.00 target price on D-Wave Quantum in a report on Thursday, November 6th. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.67.

D-Wave Quantum Trading Up 0.6%

The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The firm’s 50 day moving average is $29.17 and its two-hundred day moving average is $20.23. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of -17.43 and a beta of 1.53.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The company had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm’s revenue was up 105.6% on a year-over-year basis. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares during the last quarter. UBS Group AG increased its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after acquiring an additional 10,205,427 shares during the period. State Street Corp lifted its position in D-Wave Quantum by 41.3% in 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 during the last quarter. Geode Capital Management LLC lifted its position in D-Wave Quantum by 41.6% in 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 during the last quarter. Finally, Marex Group plc acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $80,070,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.