D-Wave Quantum Inc. (QBTS), a quantum tech firm that builds quantum systems, software, and cloud tools, filed a set of Form 4s tied to stock held by top staff. At first glance, the filings show share sales by key execs. However, the details point to a more routine event.
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Double your QBTS exposure with Tradr's QBTXCEO Alan Baratz, CHRO Sophie Ames, and Chief Legal Officer Diane Nguyen each had shares held back by the firm on May 13. The reason was simple: taxes due upon vesting of their RSUs. In each case, the filing says the shares were “withheld by the Issuer to satisfy tax withholding requirements in connection with the vesting of restricted stock units.”
Baratz had 18,542 shares held back at $22.35 per share. After the move, he still held 3.30 million shares, which include 1.27 million unvested RSUs. Ames had 23,850 shares held back at the same price and still held 619,828 shares, while Nguyen had 2,459 shares held back and still held 557,149 shares.
Meanwhile, QBTS shares dropped 8.04% on Friday, closing at $20.35.
D-Wave Also Fixed Its Share Count
In a separate 8-K, D-Wave said its latest 10-Q had listed the wrong share count on the cover page. The firm first reported 366.74 million shares of common stock as of May 11, but the right figure was 367.27 million. That is a gap of 531,473 shares, or about 0.15%.
This fix does not change the main story for the stock. It is not a new sale or a change to the firm’s core results. Still, it matters for market cap, share count, and per-share math. D-Wave also said that both the old and new figures left out 3.18 million exchangeable shares, which may affect a full view of dilution.
Is QBTS Stock a Good Buy Now?
On the Street, D-Wave Quantum has a Strong Buy consensus rating based on 13 analyst ratings, comprising 12 Buys and 1 Hold. The average QBTS stock price target is $36.55, indicating about 79% upside from the current price.
