Alan Baratz Sells 687,627 Shares of D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz sold 687,627 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the transaction, the chief executive officer directly owned 3,299,771 shares in the company, valued at $86,223,016.23. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

D-Wave Quantum Price Performance

Shares of NYSE:QBTS opened at $23.84 on Friday. The company’s 50-day moving average is $21.51 and its 200 day moving average is $22.26. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The company has a market capitalization of $8.82 billion, a P/E ratio of -21.10 and a beta of 2.05. D-Wave Quantum Inc. has a fifty-two week low of $12.75 and a fifty-two week high of $46.75.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The company’s revenue was down 80.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.02) earnings per share. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after acquiring an additional 11,218,255 shares during the last quarter. UBS Group AG raised its position in D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in D-Wave Quantum by 136,842.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock valued at $83,546,000 after purchasing an additional 3,192,533 shares in the last quarter. Clear Street Group Inc. purchased a new stake in D-Wave Quantum during the third quarter valued at about $75,344,000. Finally, Goldman Sachs Group Inc. raised its position in D-Wave Quantum by 311.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock valued at $92,781,000 after purchasing an additional 2,685,980 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

Key D-Wave Quantum News

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: Rosenblatt Securities reaffirmed its Buy rating on D-Wave Quantum and kept a $43 price target, reinforcing the view that the stock still has meaningful upside from current levels.
• Positive Sentiment: B. Riley also turned more constructive earlier this month, raising its target to $40 and maintaining a Buy rating, which supports the broader bullish narrative around the company’s quantum-computing opportunity. B. Riley is Bullish on D-Wave Quantum Inc. (QBTS)

Analyst Ratings Changes

Several equities research analysts have commented on QBTS shares. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. TD Cowen started coverage on shares of D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating on the stock. Roth Mkm upped their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.40.

D-Wave Quantum Company Profile

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.