D-Wave Quantum (NYSE:QBTS) Trading Down 13.6% on Insider Selling
by Amy Steele · The Cerbat GemD-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price was down 13.6% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $23.29 and last traded at $23.8690. Approximately 34,034,781 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 32,497,850 shares. The stock had previously closed at $27.64.
Specifically, CFO John M. Markovich sold 2,908 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $31.00, for a total value of $90,148.00. Following the sale, the chief financial officer directly owned 1,439,912 shares of the company’s stock, valued at approximately $44,637,272. The trade was a 0.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Wall Street Analyst Weigh In
QBTS has been the subject of several research reports. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. B. Riley Financial upped their price target on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday. Canaccord Genuity Group dropped their price objective on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Weiss Ratings downgraded D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Finally, Wall Street Zen lowered D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Fourteen 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.40.
View Our Latest Analysis on D-Wave Quantum
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 Price Performance
The company’s 50-day simple moving average is $20.55 and its 200 day simple moving average is $22.19. The company has a market cap of $8.83 billion, a PE ratio of -21.12 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $2.86 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter 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 Investors Weigh In On D-Wave Quantum
A number of hedge funds have recently bought and sold shares of QBTS. Mutual Advisors LLC purchased a new position in D-Wave Quantum in the third quarter worth approximately $1,069,000. Caitong International Asset Management Co. Ltd increased its position in shares of D-Wave Quantum by 370.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock valued at $2,378,000 after purchasing an additional 75,807 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of D-Wave Quantum by 254.7% in the 4th quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock valued at $59,413,000 after purchasing an additional 1,631,415 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of D-Wave Quantum by 61.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 104,661 shares of the company’s stock valued at $2,801,000 after purchasing an additional 39,751 shares in the last quarter. Finally, WBI Investments LLC purchased a new stake in shares of D-Wave Quantum during the 3rd quarter worth $844,000. Institutional investors and hedge funds own 42.47% of the company’s stock.
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.