D-Wave Quantum (NYSE:QBTS) CFO Sells $1,105,492.43 in Stock

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 46,043 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $24.01, for a total transaction of $1,105,492.43. Following the transaction, the chief financial officer owned 1,342,820 shares of the company’s stock, valued at $32,241,108.20. This represents a 3.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

D-Wave Quantum Price Performance

QBTS traded down $2.35 on Tuesday, reaching $23.91. The company had a trading volume of 29,339,334 shares, compared to its average volume of 32,392,406. The company has a fifty day moving average of $21.95 and a 200-day moving average of $22.29. The company has a market capitalization of $8.84 billion, a P/E ratio of -21.16 and a beta of 2.05. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. D-Wave Quantum Inc. has a one year low of $12.75 and a one year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last announced its 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. The firm had revenue of $2.86 million during the quarter, compared to analyst estimates 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%. D-Wave Quantum’s revenue was down 80.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.02) EPS. As a group, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.43 earnings per share for the current year.

Key Stories Impacting D-Wave Quantum

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?

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group cut their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Mizuho increased their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Finally, Northland Securities started coverage on D-Wave Quantum in a research report on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and an average price target of $36.80.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in D-Wave Quantum by 545.5% in the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after purchasing an additional 1,511 shares during the period. Optiver Holding B.V. increased its position in D-Wave Quantum by 448.0% in the first quarter. Optiver Holding B.V. now owns 24,697 shares of the company’s stock worth $356,000 after purchasing an additional 20,190 shares during the period. Western Wealth Management LLC acquired a new stake in D-Wave Quantum in the first quarter worth about $51,000. Bank of America Corp DE increased its position in D-Wave Quantum by 10.5% in the first quarter. Bank of America Corp DE now owns 3,886,036 shares of the company’s stock worth $56,075,000 after purchasing an additional 368,486 shares during the period. Finally, Encore Global Management LP acquired a new stake in D-Wave Quantum in the first quarter worth about $433,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.