Insider Selling: D-Wave Quantum (NYSE:QBTS) CFO Sells 10,706 Shares of Stock

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 10,706 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total value of $188,746.78. Following the sale, the chief financial officer owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. This trade represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

D-Wave Quantum Price Performance

Shares of NYSE QBTS traded up $0.03 during midday trading on Tuesday, hitting $17.49. The stock had a trading volume of 17,479,090 shares, compared to its average volume of 30,750,637. The company has a market capitalization of $6.47 billion, a PE ratio of -15.90 and a beta of 1.61. The stock has a 50 day simple moving average of $22.20 and a 200-day simple moving average of $25.19. D-Wave Quantum Inc. has a 1 year low of $5.77 and a 1 year high of $46.75. The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The firm had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a report on Wednesday, January 28th. Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a research note on Thursday, January 29th. Needham & Company LLC lowered their price target on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Jefferies Financial Group assumed coverage on shares of D-Wave Quantum in a research note on Tuesday, December 16th. They set a “buy” rating and a $45.00 price objective for the company. Finally, Evercore began coverage on shares of D-Wave Quantum in a report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price objective for the company. Fourteen research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC increased its holdings in D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC boosted its position in shares of D-Wave Quantum by 5.3% during the third quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after buying an additional 500 shares during the period. Huntington National Bank boosted its position in shares of D-Wave Quantum by 17.9% during the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after buying an additional 500 shares during the period. bLong Financial LLC grew its stake in shares of D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after buying an additional 551 shares in the last quarter. Finally, Sigma Planning Corp grew its stake in shares of D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after buying an additional 560 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.