D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.7% Following Insider Selling

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 6.7% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $23.77 and last traded at $23.8110. Approximately 28,983,853 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 60,843,992 shares. The stock had previously closed at $25.52.

Specifically, CFO John M. Markovich sold 11,562 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $23.89, for a total value of $276,216.18. Following the completion of the sale, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $35,149,643.68. This represents a 0.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $24.28, for a total transaction of $242,800.00. Following the sale, the director owned 37,778 shares in the company, valued at approximately $917,249.84. The trade was a 20.93% decrease in their position. The disclosure for this sale is available in the SEC filing.

Wall Street Analyst Weigh In

A number of research firms have weighed in on QBTS. Jefferies Financial Group initiated coverage on shares of D-Wave Quantum in a research report on Tuesday. They issued a “buy” rating and a $45.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday. Rosenblatt Securities increased their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Wedbush assumed coverage on D-Wave Quantum in a report on Wednesday. They set an “outperform” rating and a $35.00 price target on the stock. Finally, Benchmark boosted their price objective on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Fifteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.13.

D-Wave Quantum Trading Up 4.8%

The stock has a market cap of $8.73 billion, a P/E ratio of -18.47 and a beta of 1.57. The stock’s 50-day moving average is $28.77 and its two-hundred day moving average is $22.22. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49.

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

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 41.2% during the 3rd 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 in the last quarter. UBS Group AG raised its holdings in shares of D-Wave Quantum by 541.6% during 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 in the last quarter. State Street Corp boosted its position in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after acquiring an additional 1,941,762 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of D-Wave Quantum by 41.6% during the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock valued at $93,877,000 after acquiring an additional 1,883,109 shares during the last quarter. Finally, Marex Group plc purchased a new position in shares of D-Wave Quantum in the second quarter valued at $80,070,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.