Insider Selling: D-Wave Quantum Inc. (NYSE:QBTS) Major Shareholder Sells $29,624,260.16 in Stock

D-Wave Quantum Inc. (NYSE:QBTS) major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Sector Pension Investme Public also recently made the following trade(s):

• On Friday, January 10th, Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96.
• On Friday, December 20th, Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00.
• On Thursday, December 12th, Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53.
• On Tuesday, December 10th, Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42.

D-Wave Quantum Price Performance

QBTS stock opened at $5.79 on Friday. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -13.80 and a beta of 1.16. The company has a 50 day simple moving average of $5.06 and a 200 day simple moving average of $2.43. D-Wave Quantum Inc. has a 1 year low of $0.68 and a 1 year high of $11.41.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QBTS. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm boosted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday. Finally, B. Riley boosted their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus price target of $6.38.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its position in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the period. Marshall Wace LLP bought a new stake in D-Wave Quantum during the 2nd quarter worth approximately $265,000. Bank of New York Mellon Corp bought a new stake in D-Wave Quantum during the 2nd quarter worth approximately $251,000. Finally, Squarepoint Ops LLC acquired a new position in D-Wave Quantum in the 2nd quarter valued at approximately $163,000. Institutional investors and hedge funds 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.