Investors Purchase High Volume of Call Options on D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of unusually large options trading on Monday. Investors purchased 3,242 call options on the stock. This represents an increase of 116% compared to the average volume of 1,501 call options.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Delta Investment Management LLC bought a new stake in shares of D-Wave Quantum during the first quarter valued at about $36,000. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum during the second quarter valued at about $28,000. Instrumental Wealth LLC acquired a new position in D-Wave Quantum during the first quarter worth about $60,000. Carroll Investors Inc grew its holdings in D-Wave Quantum by 44.7% during the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock worth $62,000 after acquiring an additional 9,415 shares during the period. Finally, Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth about $45,000. 42.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on QBTS. Benchmark reduced their price objective on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. B. Riley started coverage on D-Wave Quantum in a research note on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price on the stock. Needham & Company LLC cut their target price on D-Wave Quantum from $2.50 to $2.25 and set a “buy” rating on the stock in a research note on Friday, August 9th. Roth Mkm cut their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Westpark Capital reiterated a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $2.63.

D-Wave Quantum Stock Up 1.9 %

Shares of NYSE QBTS opened at $1.63 on Tuesday. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $2.44. The firm’s 50-day simple moving average is $1.02 and its 200 day simple moving average is $1.11. The stock has a market cap of $328.33 million, a P/E ratio of -3.53 and a beta of 0.96.

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.