D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.7% on Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 6.7% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $23.77 and last traded at $23.8110. Approximately 28,983,853 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 60,843,992 shares. The stock had previously closed at $25.52.

Specifically, CFO John M. Markovich sold 11,562 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $23.89, for a total value of $276,216.18. Following the sale, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $35,149,643.68. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. The trade was a 20.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Analyst Ratings Changes

A number of analysts have weighed in on QBTS shares. Canaccord Genuity Group raised their price objective on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Wedbush started coverage on shares of D-Wave Quantum in a report on Wednesday. They issued an “outperform” rating and a $35.00 price objective for the company. Roth Capital set a $40.00 price objective on D-Wave Quantum in a research report on Thursday, November 6th. Evercore ISI assumed coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price for the company. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Fifteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.13.

D-Wave Quantum Stock Performance

The business’s fifty day moving average is $29.18 and its two-hundred day moving average is $22.19. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $8.34 billion, a PE ratio of -17.64 and a beta of 1.58.

D-Wave Quantum (NYSE:QBTS) last posted 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 net margin of 1,651.81% and a negative return on equity of 97.58%. The business had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. The company’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Reyes Financial Architecture Inc. purchased a new position in D-Wave Quantum during the 2nd quarter valued at about $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of D-Wave Quantum in the 2nd quarter worth approximately $29,000. Ancora Advisors LLC bought a new stake in D-Wave Quantum during the third quarter valued at about $30,000. Financial Consulate Inc. bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $31,000. Finally, Parallel Advisors LLC grew its holdings in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after purchasing an additional 1,532 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.