D-Wave Quantum (NYSE:QBTS) CFO John Markovich Sells 200,000 Shares

D-Wave Quantum Inc. (NYSE:QBTS) CFO John Markovich sold 200,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the sale, the chief financial officer directly owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

D-Wave Quantum Trading Down 9.0%

Shares of NYSE:QBTS traded down $2.35 during mid-day trading on Tuesday, reaching $23.91. The stock had a trading volume of 29,339,334 shares, compared to its average volume of 32,392,406. The firm has a market cap of $8.84 billion, a PE ratio of -21.16 and a beta of 2.05. The firm has a 50 day simple moving average of $21.95 and a two-hundred day simple moving average of $22.29. 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 twelve month low of $12.75 and a twelve month high of $46.75.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data 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 analysts’ expectations 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%. The business’s revenue for the quarter was down 80.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.02) earnings per share. On average, research analysts predict that D-Wave Quantum Inc. will post -0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

QBTS has been the topic of a number of research reports. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a report on Tuesday, June 2nd. B. Riley Financial increased their target price on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Roth Mkm raised their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities reissued 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, Canaccord Genuity Group dropped their target price on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Fourteen 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.80.

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?

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Baird Financial Group Inc. boosted its position in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after buying an additional 1,300 shares during the last quarter. Royal Bank of Canada grew its stake in D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after buying an additional 60,668 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in D-Wave Quantum by 93.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after buying an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after purchasing an additional 24,382 shares in the last quarter. 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.