Alan Baratz Sells 687,627 Shares of D-Wave Quantum (NYSE:QBTS) Stock

D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the sale, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. This trade represents a 17.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

D-Wave Quantum Stock Down 0.7%

NYSE QBTS traded down $0.17 during trading on Wednesday, reaching $23.36. The company’s stock had a trading volume of 20,703,271 shares, compared to its average volume of 32,410,734. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $8.64 billion, a PE ratio of -20.67 and a beta of 2.05. The business has a 50-day moving average price of $21.12 and a 200-day moving average price of $22.22. D-Wave Quantum Inc. has a 1-year low of $12.75 and a 1-year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last posted 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 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 company’s revenue was down 80.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) earnings per share. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

QBTS has been the subject of several recent analyst reports. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Mizuho decreased their price target on shares of D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Rosenblatt Securities restated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Fourteen 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.40.

Key Headlines Impacting D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: B. Riley remained bullish on D-Wave Quantum and raised its price target to $40 from $36, reinforcing the idea that Wall Street still sees meaningful upside. B. Riley is Bullish on D-Wave Quantum Inc. (QBTS)
• Positive Sentiment: Other analysts also remain constructive, with Rosenblatt reiterating a Buy rating and Canaccord, TD Cowen, and others continuing to back the stock, suggesting the longer-term quantum computing story is still intact. QBTS analyst and stock page
• Neutral Sentiment: One article highlighted that D-Wave has rewarded patient investors over time, but it also warned that recent buyers may be facing a difficult valuation reality after the stock’s strong rally. D-Wave Rewarded Patient Investors With 135% Gains but Recent Buyers Face a Brutal Reality
• Neutral Sentiment: Another piece said the stock’s decline reflected a rotation out of speculative growth names, rather than a company-specific negative development, which implies the move may be tied to market sentiment more than fundamentals. D-Wave Quantum Plummeted Today — Is the Stock a Buy Right Now?
• Negative Sentiment: Insider selling added some pressure: Director John Dilullo sold 7,850 shares in a pre-arranged 10b5-1 plan, which can still weigh on sentiment even when routine. John Dilullo Sells 7,850 Shares of D-Wave Quantum (NYSE:QBTS) Stock
• Negative Sentiment: Some commentary also argued that legacy tech players like Intel and IBM could be better positioned than pure-play quantum firms such as D-Wave, which may be tempering investor enthusiasm. The Case for Intel Over Pure-Play Quantum Firms (QBTS)

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently bought and sold shares of QBTS. Root Financial Partners LLC boosted its stake in shares of D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of D-Wave Quantum in the 4th quarter valued at about $28,000. PeakShares LLC bought a new position in shares of D-Wave Quantum in the 1st quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares during the period. 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.