D-Wave Quantum (NYSE:QBTS) CFO Sells 46,043 Shares

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 46,043 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $24.01, for a total transaction of $1,105,492.43. Following the sale, the chief financial officer owned 1,342,820 shares of the company’s stock, valued at approximately $32,241,108.20. The trade was a 3.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

D-Wave Quantum Stock Performance

QBTS stock traded down $2.35 during trading on Tuesday, hitting $23.91. 29,339,334 shares of the company’s stock traded hands, compared to its average volume of 32,392,406. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. D-Wave Quantum Inc. has a 52 week low of $12.75 and a 52 week high of $46.75. The stock has a fifty day moving average price of $21.95 and a two-hundred day moving average price of $22.29. The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of -21.16 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last released its earnings results 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. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. As a group, equities analysts anticipate that D-Wave Quantum Inc. will post -0.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on QBTS shares. Weiss Ratings lowered shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research note on Thursday, June 11th. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average target price of $36.80.

Key D-Wave Quantum News

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

• Positive Sentiment: Analyst-day momentum and a higher price target from Mizuho helped reinforce optimism around D-Wave’s updated roadmap and longer-term commercialization plans for fault-tolerant quantum computing. D-Wave Quantum jumps as Mizuho ups price target after analyst day
• Positive Sentiment: Several articles highlighted D-Wave as a leading pure-play quantum name, with upbeat commentary on its gate-model roadmap and bullish technical setups, supporting investor interest in the stock. D-Wave Quantum (QBTS) Inspires Confidence With Latest Gate-Model Roadmap
• Neutral Sentiment: Monday’s broader “risk-on” rally lifted QBTS along with other quantum stocks, but that move appears to be unwinding as traders take profits and the sector gives back some of its gains. IonQ, Rigetti, D-Wave, and Quantum Computing Inc. All Fall 5% to 7% as the Quantum Rally Reverses
• Neutral Sentiment: Some coverage emphasized that D-Wave remains one of the key names in quantum computing, but also noted a competitive landscape and insider selling that could keep sentiment volatile. Can D-Wave Hold Its Own Against 2 Fast-Growing Rivals?
• Negative Sentiment: Fresh commentary focused on valuation risk, saying QBTS is being compared to “the NVIDIA of quantum computing” while also warning that the stock’s rich valuation leaves little room for execution missteps. Is QBTS the NVIDIA of Quantum Computing or is it Overvalued?

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of the company. Huntington National Bank grew its position in shares of D-Wave Quantum by 17.9% during the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after acquiring an additional 500 shares during the last quarter. Sigma Planning Corp grew its position in shares of D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after acquiring an additional 560 shares during the last quarter. AlphaStar Capital Management LLC grew its position in shares of D-Wave Quantum by 2.2% during the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after acquiring an additional 592 shares during the last quarter. Noble Wealth Management PBC grew its position in shares of D-Wave Quantum by 6.7% during the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after acquiring an additional 600 shares during the last quarter. Finally, Thoroughbred Financial Services LLC grew its position in shares of D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock worth $3,447,000 after acquiring an additional 602 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.

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.