John Markovich Sells 50,979 Shares of D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 50,979 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $26.24, for a total transaction of $1,337,688.96. Following the completion of the sale, the chief financial officer owned 1,388,933 shares of the company’s stock, valued at approximately $36,445,601.92. The trade was a 3.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

D-Wave Quantum Trading Up 2.5%

QBTS opened at $23.84 on Friday. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of -21.10 and a beta of 2.05. The company’s 50 day simple moving average is $21.51 and its two-hundred day simple moving average is $22.26. D-Wave Quantum Inc. has a 1-year low of $12.75 and a 1-year high of $46.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31.

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

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. Vanguard Group Inc. lifted its holdings 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 worth $950,220,000 after acquiring an additional 11,218,255 shares during the last quarter. UBS Group AG increased its holdings in D-Wave Quantum by 541.6% in the 3rd 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 during the last quarter. Geode Capital Management LLC raised its position in D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after purchasing an additional 866,405 shares during the period. State Street Corp lifted its stake in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after purchasing an additional 385,809 shares in the last quarter. Finally, Marex Group plc lifted its stake in D-Wave Quantum by 74.9% during the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after purchasing an additional 1,966,500 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on QBTS. Northland Securities initiated coverage on shares of D-Wave Quantum in a research report on Monday, April 20th. They set a “market perform” rating and a $22.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $40.00 target price on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. B. Riley Financial increased their price target on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a report on Thursday. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.40.

Key Stories Impacting D-Wave Quantum

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)

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.