Voya Investment Management LLC Trims Stock Holdings in D-Wave Quantum Inc. $QBTS

Voya Investment Management LLC decreased its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 29.4% during the third quarter, HoldingsChannel reports. The fund owned 55,803 shares of the company’s stock after selling 23,250 shares during the quarter. Voya Investment Management LLC’s holdings in D-Wave Quantum were worth $1,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in QBTS. Reyes Financial Architecture Inc. purchased a new position in shares of D-Wave Quantum in the second quarter valued at $29,000. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum in the 2nd quarter worth about $29,000. Parallel Advisors LLC grew its holdings in D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after buying an additional 1,532 shares in the last quarter. Gables Capital Management Inc. bought a new stake in shares of D-Wave Quantum during the second quarter valued at about $37,000. Finally, Huntington National Bank bought a new stake in shares of D-Wave Quantum during the second quarter valued at about $41,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Stock Up 3.3%

Shares of NYSE:QBTS opened at $26.14 on Tuesday. D-Wave Quantum Inc. has a 52-week low of $3.74 and a 52-week high of $46.75. The firm has a fifty day moving average of $27.17 and a 200 day moving average of $22.81. The firm has a market capitalization of $9.15 billion, a PE ratio of -19.36 and a beta of 1.58. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The business’s revenue was up 105.6% compared to the same quarter last year. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 7,000 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total transaction of $158,340.00. Following the transaction, the director directly owned 112,673 shares of the company’s stock, valued at approximately $2,548,663.26. This trade represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the sale, the director directly owned 37,778 shares of the company’s stock, valued at $917,249.84. This trade represents a 20.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,342,087 shares of company stock worth $66,073,024 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QBTS. Rosenblatt Securities boosted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, November 7th. B. Riley boosted their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Roth Capital set a $40.00 price objective on D-Wave Quantum in a research note on Thursday, November 6th. Finally, Mizuho assumed coverage on D-Wave Quantum in a research note on Thursday, December 11th. They issued an “outperform” rating and a $46.00 target price on the stock. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $33.67.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.