Chief Financial Officer John M. Markovich of D-Wave Quantum Inc. (NYSE: QBTS) completed a sale of 10,706 shares of the company’s common stock on March 13, 2026, according to a Form 4 filing with the Securities and Exchange Commission. The shares were disposed of at prices ranging from $17.60 to $17.66, producing aggregate proceeds of $188,723.
The filing specifies that the sale was executed to meet statutory tax-withholding obligations arising from the vesting of restricted stock units. It further states that this action was required by D-Wave Quantum’s equity incentive plans and did not represent a discretionary trade by Markovich.
After the transaction, Markovich directly holds 1,451,427 shares of the company, which include 469,645 unvested restricted stock units. Market data cited in the filing notes that the shares are currently trading at $17.47, a price that reflects a 33% decline year-to-date despite a 56% gain over the prior 12 months, according to InvestingPro information.
InvestingPro’s analysis, also referenced in the filing, characterizes the stock as currently overvalued and notes additional subscriber-only insights - including 12 extra ProTips that address the company’s volatility and profitability outlook.
In its most recent earnings disclosure for the fourth quarter of 2025, D-Wave reported revenue of $2.75 million. That result fell short of the analyst consensus of $3.72 million, a shortfall of 26.08%. The company also recorded earnings per share of -$0.09, missing the projected -$0.06.
Analyst activity reflected these results. Evercore ISI reduced its price target on D-Wave Quantum Inc. shares from $44 to $42, while retaining an Outperform rating. The firm’s valuation approach for the target was described as 33 times its 2035 earnings-per-share estimate of $3, discounted back nine years.
These developments - the mandated insider sale to cover RSU tax obligations, the quarterly revenue and EPS misses, and the adjustment to a near-term price target - present a cross-section of company-specific corporate action, earnings performance, and analyst expectations. The Form 4 disclosure makes clear the insider sale was procedural rather than a voluntary sale intended to signal strategy or valuation views by the CFO.
Summary
John M. Markovich sold 10,706 D-Wave shares on March 13, 2026, generating $188,723 to satisfy withholding taxes on vested restricted stock units; the sale was required under company equity plans and was not discretionary. D-Wave reported Q4 2025 revenue of $2.75 million and EPS of -$0.09, both missing analyst expectations. Evercore ISI trimmed its price target from $44 to $42 but kept an Outperform rating.
Key points
- The CFO sale of 10,706 shares was conducted at $17.60 to $17.66 per share for total proceeds of $188,723 and was completed on March 13, 2026.
- D-Wave’s Q4 2025 revenue of $2.75 million missed the $3.72 million analyst forecast by 26.08%, and EPS of -$0.09 fell short of the expected -$0.06.
- Evercore ISI lowered its price target from $44 to $42 while maintaining an Outperform rating; the target is based on 33 times a 2035 EPS estimate of $3 discounted back nine years.
Risks and uncertainties
- Stock valuation and volatility risk - InvestingPro analysis labels the stock as overvalued and flags volatility and profitability outlook as concerns, which may affect investor sentiment in the technology and capital markets sectors.
- Earnings execution risk - The company’s Q4 revenue and EPS both missed analyst expectations, underscoring uncertainty around near-term financial performance that can influence equity valuation.
- Analyst forecast risk - Adjustments to price targets, such as Evercore ISI’s reduction to $42, highlight potential variability in future expectations and valuation methodologies impacting market participants.