Stock Traders Buy High Volume of D-Wave Quantum Call Options (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) saw unusually large options trading activity on Friday. Stock investors purchased 122,862 call options on the stock. This is an increase of approximately 185% compared to the average daily volume of 43,066 call options.

D-Wave Quantum Price Performance

Shares of QBTS opened at $6.10 on Friday. The firm has a 50-day moving average of $5.65 and a 200-day moving average of $2.65. D-Wave Quantum has a one year low of $0.71 and a one year high of $11.41. The company has a market cap of $1.64 billion, a PE ratio of -14.51 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 20,138,711 shares of company stock valued at $92,022,537 over the last quarter. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Penserra Capital Management LLC lifted its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $265,000. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $251,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $163,000. Institutional investors own 42.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, B. Riley raised their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Six 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 an average target price of $6.38.

About D-Wave Quantum

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.