D-Wave Quantum Inc. (QBTS) experienced a significant pre-market plunge of 5.71% on Thursday, extending recent losses for the quantum computing stock.
The sharp decline was primarily driven by news that the company's Chief Financial Officer, John M. Markovich, disposed of 328,752 common shares worth approximately $9.11 million. According to regulatory filings, Markovich exercised stock options at prices between $0.85 and $0.92 per share before immediately selling the shares at a weighted average price of $27.70. Such large-scale insider disposals often signal to investors that company executives may be taking profits, creating negative market sentiment.
Additional factors contributing to the selling pressure include profit-taking activity following a recent rally driven by news of potential CHIPS and Science Act funding, as well as concerns over the company's first-quarter fundamentals which showed an 81% year-over-year revenue decline and widening net losses.