In a recent transaction, the Public Sector Pension Investment Board, a significant shareholder of D-Wave Quantum (NASDAQ:QMCO) Inc. (NYSE:QBTS), sold 1,000,000 shares of the company’s common stock. The shares were sold at an average price of $6.6782, resulting in a total transaction value of approximately $6.68 million. This sale comes amid significant price volatility, with InvestingPro data showing the stock has delivered an impressive 455% return over the past six months, though currently trading above its Fair Value. This sale, executed on December 20, 2024, leaves the investment board with no remaining shares in D-Wave Quantum. The sale prices ranged from $6.59 to $6.965 per share. For investors tracking this volatile stock, InvestingPro offers comprehensive volatility metrics and 12 additional ProTips to help navigate investment decisions, including detailed analysis available in the Pro Research Report.
In other recent news, D-Wave Quantum Inc. has received an upgraded stock target from Benchmark and Craig-Hallum, citing potential sales acceleration and quantum market growth. Both firms maintained a Buy rating on D-Wave, with Benchmark increasing the stock’s price target to $8.00 and Craig-Hallum to $9.00. These adjustments reflect growing optimism in the quantum computing sector and D-Wave’s potential to benefit from the National Quantum Initiative Act.
The company has also successfully completed its SOC 2 Type 2 audit, demonstrating its commitment to customer data security. In financial developments, D-Wave reported a 27% decline in overall revenue to $1.9 million in its Q3 2024 earnings call, but its core Quantum Computing as a Service segment saw a 41% increase. Additionally, D-Wave has strengthened its financial position by raising $175 million through equity offering programs, anticipating to end the fourth quarter of 2024 with at least $160 million in cash.
On the analyst front, Citron Research has critiqued Quantum Computing Inc., questioning its research and development spending. Despite this, Quantum Computing’s shares rose by 26%. These are the recent developments in the quantum computing sector.
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