D-Wave Quantum CFO Sells 50,000 Shares; Stock Shows Positive Movement
D-Wave Quantum Inc. (NYSE:QBTS) saw its Chief Financial Officer, John M. Markovich, sell 50,000 shares of the company's stock on Thursday, September 11th. The transaction, disclosed in an SEC filing, comes as the stock experienced a notable increase in trading activity and price.
CFO's Transaction Details
The shares were sold at an average price of $16.30, resulting in a total transaction value of $815,000.00. Following the sale, Mr. Markovich directly owns 1,599,511 shares, valued at approximately $26,072,029.30. This sale represents a 3.03% decrease in his ownership. The transaction details are publicly available through the SEC website.
D-Wave Quantum Stock Performance
On Friday, QBTS stock traded up $1.27, reaching $17.79. A significant 59,469,749 shares were exchanged, exceeding the average volume of 28,506,484. The company's 50-day moving average is $16.78, while its 200-day moving average is $12.89. D-Wave Quantum's one-year low is $0.87, and its one-year high is $20.56. Key financial ratios include a debt-to-equity ratio of 0.05, a quick ratio of 42.86, and a current ratio of 42.99. The company boasts a market capitalization of $6.08 billion, a price-to-earnings ratio of -16.94, and a beta of 1.39.
Earnings Report and Analyst Estimates
D-Wave Quantum's latest earnings report, released on Thursday, August 7th, revealed an earnings per share (EPS) of ($0.08), missing analysts' consensus estimates of ($0.05) by ($0.03). The company's revenue for the quarter reached $3.10 million, surpassing the consensus estimate of $2.55 million and representing a 40.9% year-over-year increase. Despite a negative return on equity of 118.87% and a negative net margin of 1,263.92%, analysts anticipate an EPS of -0.41 for the current fiscal year.
Institutional Investor Activity
Several hedge funds have recently adjusted their positions in D-Wave Quantum. Vontobel Holding Ltd. increased its holdings by 786.8% during the 1st quarter, now owning 110,850 shares valued at $842,000. Kingswood Wealth Advisors LLC, Swiss National Bank, and Verity Asset Management Inc. all acquired new stakes in the company during the same period, valued at $167,000, $3,532,000, and $251,000, respectively. Deutsche Bank AG increased its holdings by 35.0% during the 4th quarter, now owning 73,906 shares valued at $621,000. Institutional investors and hedge funds currently hold 42.47% of the company's stock.
Analyst Ratings and Price Targets
Several research firms have issued ratings and price targets for QBTS. Canaccord Genuity Group initiated coverage with a "buy" rating and a $20.00 price target. Wall Street Zen downgraded the stock from "hold" to "sell". Piper Sandler raised their price target from $13.00 to $22.00, assigning an "overweight" rating. Stifel Nicolaus initiated coverage with a "buy" rating and a $26.00 price target. Williams Trading set a $20.00 price objective. Currently, the stock has a consensus rating of "Buy" and a consensus target price of $19.27, according to MarketBeat.com.
About D-Wave Quantum Inc.
D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services globally. Their offerings include Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service providing real-time access to a live quantum computer. These platforms offer solutions, hybrid solvers, software development kits, live code, demos, learning resources, and a developer community.
MarketBeat's Alternative Stock Recommendations
While D-Wave Quantum holds a "Buy" rating, MarketBeat has identified five stocks that top analysts believe are better buys currently.
