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

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of some unusual options trading activity on Thursday. Investors bought 36,653 call options on the stock. This represents an increase of 81% compared to the typical daily volume of 20,251 call options.

D-Wave Quantum Price Performance

Shares of QBTS stock opened at $9.91 on Friday. The company has a market cap of $2.22 billion, a PE ratio of -23.60 and a beta of 1.79. The stock’s 50 day simple moving average is $3.41 and its two-hundred day simple moving average is $1.85. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $11.41.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on QBTS shares. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark lifted their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Roth Mkm upped their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six 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 $5.63.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was 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 $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 10,081,459 shares of company stock worth $45,337,894 in the last three months. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors have recently bought and sold shares of the stock. Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing 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 acquiring an additional 645,039 shares during the last quarter. Marshall Wace LLP purchased a new position in D-Wave Quantum during the 2nd quarter valued at $265,000. Bank of New York Mellon Corp bought a new position in D-Wave Quantum in the 2nd quarter valued at $251,000. Finally, Squarepoint Ops LLC purchased a new stake in D-Wave Quantum in the second quarter worth $163,000. 42.47% of the stock is currently owned by institutional investors.

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.