Ed Lin

D-Wave Quantum stock has slipped from December highs, and the quantum-computing firm's biggest investor continues to sell stock for a second consecutive month.

The Public Sector Pension Investment Board, one of Canada's largest pension investment managers, sold 19.7 million D-Wave shares from Jan. 10 through 14 for a total of $90.1 million, an average price of $4.58 each. It now owns 20.4 million D-Wave shares, according to a form PSP, as the manager is known, filed with the Securities and Exchange Commission. The manager remains D-Wave's largest shareholder, but it may not last. Another SEC filing shows PSP plans to sell all its D-Wave stock.

On Jan. 10, PSP had converted 40.1 million exchangeable shares issued by a Canadian unit of D-Wave to U.S.-traded shares, facilitating their sale. The manager doesn't own any more exchangeable shares.

PSP didn't immediately respond to a request for comment on the sale of D-Wave stock.

The manager disclosed the January sales just after D-Wave said it reached agreements to sell up to $150 million of stock.

Shares crested at $11.41 on Dec. 27. The new year has been less kind to quantum computing. Sector stocks have slid after remarks by Nvidia CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg that the technology, as is, won't have practical applications in the near term.

In December, PSP sold D-Wave stock for the first time since the shares went public. The manager sold a total of 19.4 million D-Wave shares for $85.5 million that month, an average price of $4.41 each.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at ed.lin@barrons.com Follow @BarronsEdLin

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January 15, 2025 12:16 ET (17:16 GMT)

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