D-Wave Quantum (NYSE:QBTS) Trading Down 13.6% on Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS) traded down 13.6% on Friday after an insider sold shares in the company. The stock traded as low as $23.29 and last traded at $23.8690. 34,034,781 shares traded hands during trading, an increase of 5% from the average session volume of 32,497,850 shares. The stock had previously closed at $27.64.

Specifically, CFO John M. Markovich sold 2,908 shares of D-Wave Quantum stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $31.00, for a total transaction of $90,148.00. Following the completion of the sale, the chief financial officer directly owned 1,439,912 shares of the company’s stock, valued at $44,637,272. The trade was a 0.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. B. Riley Financial increased their price objective on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 price target on shares of D-Wave Quantum in a report on Tuesday. Canaccord Genuity Group dropped their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group restated a “buy” rating on shares of D-Wave Quantum in a research 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, D-Wave Quantum has an average rating of “Moderate Buy” and an average target price of $36.40.

Trending Headlines about D-Wave Quantum

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

• Positive Sentiment: D-Wave’s new fault-tolerant computing roadmap could strengthen the long-term investment case by showing a clearer path to commercially useful quantum systems. D-Wave Unveils Fault-Tolerant Quantum Computing Plan: What’s Ahead?
• Positive Sentiment: Management’s Investor Day messaging that quantum computing is already commercial may continue to support bullish investor interest in QBTS. D-Wave Quantum Inc. (QBTS) Analyst/Investor Day Transcript

D-Wave Quantum Stock Performance

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The firm has a 50-day simple moving average of $20.55 and a 200 day simple moving average of $22.19. The company has a market cap of $8.83 billion, a price-to-earnings ratio of -21.12 and a beta of 2.05.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after purchasing an additional 11,218,255 shares during the period. UBS Group AG boosted its stake in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares during the period. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after buying an additional 866,405 shares during the period. State Street Corp grew its holdings in shares of 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 buying an additional 385,809 shares during the last quarter. Finally, Marex Group plc grew its holdings in shares of 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 buying an additional 1,966,500 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.