Truist Financial Corp Trims Stake in D-Wave Quantum Inc. $QBTS

Key Points

• Truist Financial Corp has significantly reduced its stake in D-Wave Quantum Inc. by 62.2%, now holding just 19,720 shares valued at approximately $289,000.
• Other institutional investors, such as Vanguard Group Inc. and Penserra Capital Management LLC, have increased their positions in D-Wave Quantum, with Vanguard raising its stake by 58.5% during the first quarter.
• D-Wave Quantum's stock performance shows volatility, with a twelve-month high of $46.75 and a drop to a low of $0.98; it is currently trading at around $38.22.

Truist Financial Corp reduced its position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 62.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,720 shares of the company's stock after selling 32,408 shares during the quarter. Truist Financial Corp's holdings in D-Wave Quantum were worth $289,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of QBTS. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after purchasing an additional 4,166,721 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. boosted its holdings in shares of D-Wave Quantum by 91.9% in the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after purchasing an additional 2,216,000 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of D-Wave Quantum in the 1st quarter worth about $8,064,000. Finally, Headlands Technologies LLC purchased a new position in shares of D-Wave Quantum in the 1st quarter worth about $6,883,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $38.22 on Friday. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $13.07 billion, a P/E ratio of -36.40 and a beta of 1.49. The stock's 50 day moving average is $23.32 and its 200 day moving average is $16.84. D-Wave Quantum Inc. has a twelve month low of $0.98 and a twelve month high of $46.75.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The business's quarterly revenue was up 40.9% on a year-over-year basis. On average, equities research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 7,994 shares of the company's stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $43.74, for a total value of $349,657.56. Following the sale, the chief financial officer owned 1,580,934 shares in the company, valued at $69,150,053.16. This represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director owned 47,778 shares in the company, valued at $856,659.54. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 207,363 shares of company stock worth $4,659,478. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Piper Sandler boosted their target price on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Rosenblatt Securities assumed coverage on D-Wave Quantum in a research note on Tuesday, July 29th. They issued a "buy" rating and a $30.00 target price for the company. Canaccord Genuity Group assumed coverage on D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 target price for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of D-Wave Quantum in a research note on Tuesday. Finally, Benchmark reaffirmed a "buy" rating and set a $20.00 price target on shares of D-Wave Quantum in a research report on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.27.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.