D-Wave Quantum (NYSE:QBTS) Shares Gap Down on Insider Selling

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $19.04, but opened at $17.91. D-Wave Quantum shares last traded at $18.85, with a volume of 46,368,483 shares changing hands.

Specifically, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the transaction, the chief financial officer now directly owns 1,577,944 shares of the company's stock, valued at $27,298,431.20. The trade was a 20.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger Biscay sold 96,521 shares of D-Wave Quantum stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the transaction, the director now directly owns 106,626 shares in the company, valued at $1,904,340.36. This represents a 47.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other D-Wave Quantum news, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total transaction of $259,891.50. Following the transaction, the director now directly owns 203,147 shares of the company's stock, valued at $3,368,177.26. The trade was a 7.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Needham & Company LLC lifted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark boosted their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Trading Down 1.5%

The stock's fifty day moving average is $8.76 and its two-hundred day moving average is $6.70. The company has a market capitalization of $5.46 billion, a PE ratio of -44.65 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Barclays PLC raised its stake in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Arkadios Wealth Advisors bought a new stake in D-Wave Quantum in the 4th quarter valued at about $162,000. Traynor Capital Management Inc. bought a new stake in D-Wave Quantum in the 4th quarter valued at about $219,000. Veracity Capital LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at about $228,000. Finally, Flagship Harbor Advisors LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at about $233,000. 42.47% of the stock is currently owned by 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.