Insider Selling: D-Wave Quantum (NYSE:QBTS) CFO Sells $2,272,050.20 in Stock

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 98,060 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were 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 owned 1,482,874 shares of the company’s stock, valued at approximately $34,358,190.58. This trade represents a 6.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

D-Wave Quantum Trading Up 0.6%

Shares of NYSE QBTS opened at $23.53 on Monday. The firm has a 50 day moving average price of $29.17 and a two-hundred day moving average price of $20.41. The stock has a market cap of $8.24 billion, a P/E ratio of -17.43 and a beta of 1.53. D-Wave Quantum Inc. has a 52-week low of $1.41 and a 52-week high of $46.75. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

D-Wave Quantum (NYSE:QBTS) last released its quarterly 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 firm had revenue of $3.74 million for the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, equities analysts forecast 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 modified their holdings of the company. Reyes Financial Architecture Inc. acquired a new stake in D-Wave Quantum in the 2nd quarter valued at $29,000. Atlantic Union Bankshares Corp acquired a new position in shares of D-Wave Quantum during the second quarter valued at about $29,000. Ancora Advisors LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at about $30,000. Financial Consulate Inc. bought a new stake in shares of D-Wave Quantum during the third quarter worth about $31,000. Finally, Parallel Advisors LLC raised its holdings in shares of D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after acquiring an additional 1,532 shares during the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on QBTS shares. Rosenblatt Securities boosted their price target on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Stifel Nicolaus began coverage on shares of D-Wave Quantum in a report on Tuesday, August 5th. They issued a “buy” rating and a $26.00 target price on the stock. Cantor Fitzgerald increased their price target on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Canaccord Genuity Group boosted 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, Benchmark raised their target price on D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Eleven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Moderate Buy” and a consensus target price of $28.67.

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.