The Public Sector Pension Investment Board (PSP Investments) has reported selling a significant portion of its holdings in D-Wave Quantum (NASDAQ:QMCO) Inc. (NYSE:QBTS), a quantum computing company with a market capitalization of $1.04 billion, over several transactions earlier this month. According to InvestingPro data, the stock has experienced significant volatility, with a dramatic 290% surge over the past six months despite a recent 50% decline in the past week. The sales, disclosed in a recent SEC filing, amounted to a total of $90,138,874. The transactions were executed at prices ranging from $3.9681 to $6.1449 per share, with the current stock price at $4.73. InvestingPro analysis indicates the company's overall financial health score is currently rated as weak, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
On January 10, PSP Investments sold 2,778,564 shares at an average price of $6.1449. This was followed by another transaction on January 13, involving the sale of 898,580 shares at an average price of $4.7722 and 6,380,108 shares at an average price of $3.9681. The following day, January 14, saw further sales of 9,500,000 and 115,306 shares at average prices of $4.5131 and $5.0762, respectively.
Following these transactions, PSP Investments now holds 20,384,694 shares of D-Wave Quantum, down from their previous holdings. The sales were conducted in multiple open market transactions, with the prices reflecting weighted averages. The stock's YTD return stands at -43.69%, highlighting the significant market movements that InvestingPro subscribers can track in real-time.
In other recent news, D-Wave Quantum Inc. has been making significant strides in the quantum computing sector. The company recently reported a surge in bookings for fiscal year 2024, surpassing $23 million, a 120% increase from the previous year. This growth was largely attributed to the first customer purchase of its D-Wave Advantage annealing quantum computing system, marking a new revenue stream for the company.
Analysts from Benchmark and Craig-Hallum have maintained their Buy ratings on D-Wave Quantum, citing potential sales acceleration and growth in the quantum computing sector. Benchmark notably raised D-Wave's stock price target from $3.00 to $8.00, while Craig-Hallum increased the price target from $2.50 to $9.00.
In addition to these developments, D-Wave Quantum successfully raised approximately $150 million in cash since the end of the third quarter by utilizing its existing equity facilities, bolstering its financial position. The company also filed for an additional $150 million at-the-market offering, further enhancing its financial flexibility.
These are recent developments in D-Wave Quantum's ongoing efforts to establish a strong presence in the quantum computing market. As the company continues to innovate and expand, it is likely to remain a key player in the quantum computing sector.
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