D-Wave Quantum (NYSE:QBTS) CFO Sells $3,003,000.00 in Stock

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 100,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $30.03, for a total transaction of $3,003,000.00. Following the sale, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $44,183,499.36. This represents a 6.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

D-Wave Quantum Trading Down 4.7%

QBTS opened at $27.75 on Friday. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of -20.55 and a beta of 1.57. The company’s 50 day simple moving average is $27.60 and its two-hundred day simple moving average is $22.61. D-Wave Quantum Inc. has a 1-year low of $3.74 and a 1-year high of $46.75. 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 posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. The business’s quarterly revenue was up 105.6% on a year-over-year basis. Analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

QBTS has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday. Benchmark raised their price target on shares of D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Roth Capital set a $40.00 price target on shares of D-Wave Quantum in a research report on Thursday, November 6th. B. Riley increased their price objective on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Finally, Evercore ISI initiated coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $33.67.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG lifted its stake in 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 lifted its stake in D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after acquiring an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 1,883,109 shares during the period. Finally, Marex Group plc acquired a new position in D-Wave Quantum in the 2nd quarter valued at about $80,070,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.