D-Wave Quantum (NYSE:QBTS) Trading Down 2.2% on Insider Selling

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 2.2% on Tuesday after an insider sold shares in the company. The company traded as low as $15.41 and last traded at $15.65. 13,351,028 shares were traded during trading, a decline of 71% from the average session volume of 45,960,928 shares. The stock had previously closed at $16.00.

Specifically, Director Rohit Ghai sold 43,517 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the transaction, the director now directly owns 57,778 shares in the company, valued at $970,670.40. The trade was a 42.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director now directly owns 14,260 shares of the company's stock, valued at approximately $240,281. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. In related news, Director John D. Dilullo sold 15,000 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the sale, the director now directly owns 44,295 shares of the company's stock, valued at $726,438. This trade represents a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

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

D-Wave Quantum Stock Performance

The stock has a market cap of $4.57 billion, a PE ratio of -37.27 and a beta of 1.49. The stock's 50-day moving average is $11.74 and its two-hundred day moving average is $8.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating 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. Analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. bLong Financial LLC raised its holdings in D-Wave Quantum by 5.2% in the first quarter. bLong Financial LLC now owns 24,092 shares of the company's stock valued at $183,000 after acquiring an additional 1,200 shares in the last quarter. Baird Financial Group Inc. raised its holdings in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after purchasing an additional 1,300 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of D-Wave Quantum by 5.8% during the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock worth $236,000 after purchasing an additional 1,698 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after buying an additional 2,051 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.

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