Markets
markets
Luke Kawa

Quantum computing execs cash out with over $20 million in sales this week

As everyone piled into quantum computing stocks this week, some of their top executives were hitting the eject button.

D-Wave Quantum CEO Dr. Alan Baratz took profit on $14.4 million in company stock, with a filing indicating that the sales “were effected for financial and tax planning purposes.”

The same day, Rigetti Computing CTO David Rivas sold over half a million in company stock. A key difference is Rivas’ actions were “nondiscretionary sales of shares required to be sold” in order “to cover transactions to satisfy tax witholding obligations in connection with the settlement of RSUs,” per the filing, while most of Baratz’s sales were not. (RSUs are restricted stock units.)

On Monday, Quantum Computing’s chief quantum officer, Dr. Yuping Huang, sold $5.85 million, a small portion of his overall holdings, “for estate planning and family investment purposes.” Board member Dr. Javad Shabani divested $465,933 and is completely out of company stock.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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