D-Wave Quantum (NYSE:QBTS) CEO Sells $23,914,542.56 in Stock

D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz sold 793,712 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $30.13, for a total transaction of $23,914,542.56. Following the completion of the transaction, the chief executive officer owned 2,633,163 shares of the company’s stock, valued at approximately $79,337,201.19. This represents a 23.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $27.75 on Friday. D-Wave Quantum Inc. has a twelve month low of $3.74 and a twelve month 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. The firm has a market cap of $9.71 billion, a P/E ratio of -20.55 and a beta of 1.57. The firm’s 50-day simple moving average is $27.60 and its 200-day simple moving average is $22.61.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The company had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The firm’s revenue was up 105.6% compared to the same quarter last year. As a group, research 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 brokerages have issued reports on QBTS. Wall Street Zen cut D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. 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. Benchmark boosted their target price on D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Canaccord Genuity Group raised their price target on D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum has an average rating of “Moderate Buy” and a consensus target price of $33.67.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 41.2% in 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 during the period. UBS Group AG increased its position in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after purchasing an additional 10,205,427 shares during the period. State Street Corp increased its position in D-Wave Quantum by 41.3% in the second quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after purchasing an additional 1,941,762 shares during the period. Geode Capital Management LLC lifted its position in 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 purchasing an additional 1,883,109 shares during the period. Finally, Marex Group plc acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $80,070,000. Institutional investors and hedge funds 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.