Voya Investment Management LLC Boosts Position in D-Wave Quantum Inc. $QBTS

Key Points

• Voya Investment Management LLC has increased its stake in D-Wave Quantum Inc. by 69.3%, owning a total of 48,924 shares valued at approximately $372,000.
• Other institutional investors also boosted their positions in D-Wave, with Twin Tree Management LP increasing its holdings by 473.9%.
• D-Wave reported a quarterly revenue of $3.10 million, exceeding expectations despite missing earnings per share estimates.

Voya Investment Management LLC increased its stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 69.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,924 shares of the company's stock after purchasing an additional 20,022 shares during the quarter. Voya Investment Management LLC's holdings in D-Wave Quantum were worth $372,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of QBTS. Russell Investments Group Ltd. boosted its position in D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after purchasing an additional 3,165 shares in the last quarter. Signaturefd LLC increased its holdings in shares of D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after purchasing an additional 2,971 shares during the period. Amalgamated Bank increased its position in D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after buying an additional 3,266 shares in the last quarter. IFP Advisors Inc lifted its position in D-Wave Quantum by 231.0% during the first quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock valued at $50,000 after buying an additional 4,620 shares in the last quarter. Finally, Twin Tree Management LP increased its holdings in D-Wave Quantum by 473.9% in the first quarter. Twin Tree Management LP now owns 7,834 shares of the company's stock valued at $60,000 after buying an additional 6,469 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

NYSE QBTS opened at $26.71 on Friday. The stock's fifty day moving average price is $18.33 and its 200 day moving average price is $14.21. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The company has a market cap of $9.13 billion, a price-to-earnings ratio of -25.43 and a beta of 1.39. D-Wave Quantum Inc. has a 1 year low of $0.87 and a 1 year high of $29.18.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its 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 firm had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The business's revenue was up 40.9% compared to the same quarter last year. As a group, equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on QBTS. Wall Street Zen downgraded D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Williams Trading set a $20.00 price target on D-Wave Quantum in a research report on Wednesday, June 18th. 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 price objective on the stock. Piper Sandler boosted their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, B. Riley boosted their target price on D-Wave Quantum from $22.00 to $33.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $20.27.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the business'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 transaction of $179,300.00. Following the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. The trade was a 17.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the sale, the director directly owned 36,295 shares of the company's stock, valued at $650,769.35. The trade was a 18.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,000 shares of company stock valued at $2,937,740. 3.20% of the stock is owned by company insiders.

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.

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