Insider Trading: D-Wave Quantum's (QBTS) Key Insiders Sell Shares Worth $7.13M
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According to the most recent SEC filing, West sold 311,973 shares at a weighted average price of $16.504 per share on May 21. Despite this significant sale, he holds 236,322 D-Wave's shares directly and 24,659 shares indirectly.
Also, Biscay divested 112,196 shares on May 21 and May 22. Following the deal, the Director has 106,626 shares left under his ownership.
It is important to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company's growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Top-Rated Analyst Bullish on QBTS Stock
While insiders are bearish on the stock, Top-rated B.Riley Financial analyst Craig Ellis, remains bullish. He reiterated a Buy rating on QBTS stock with a price target of $13 per share.
The analyst rating came after QBTS launched the Advantage2 quantum computer, offering major improvements in performance, connectivity, and energy efficiency. The analyst said that the announcement drove a 28% surge in QBTS shares, pushing the stock past its $13 price target.
Several major customers across different fields, such as Los Alamos National Labs (scientific research), Davidson Technology (national security), and Japan Tobacco (drug discovery), showed strong support for Advantage2.
The analyst said that D-Wave is doing a good job bringing its technology to businesses, showing it is getting more companies to use its quantum computing.
Is QBTS a Good Stock to Buy Now?
Turning to Wall Street, QBTS stock has a Strong Buy consensus rating based on six Buys assigned in the last three months. At $13, the average D-Wave price target implies a 30.85% downside potential. Shares of the company have gained 206.2% over the past three months.
See more QBTS analyst ratings
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