D-Wave Quantum Target of Unusually Large Options Trading (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) was the target of some unusual options trading on Wednesday. Stock traders purchased 100,953 call options on the stock. This represents an increase of 80% compared to the average daily volume of 55,949 call options.

Wall Street Analyst Weigh In

QBTS has been the subject of several analyst reports. B. Riley lifted their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Finally, Roth Mkm boosted their price target 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, Based on data from MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and a consensus price target of $6.71.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock worth $92,096,075 in the last ninety days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after buying an additional 418,468 shares during the last quarter. Bank of America Corp DE grew its position in shares of D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the last quarter. Finally, UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $20,258,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 13.4 %

Shares of QBTS opened at $7.42 on Friday. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.41. The business has a 50-day simple moving average of $6.77 and a two-hundred day simple moving average of $3.30. The stock has a market cap of $2.00 billion, a PE ratio of -17.65 and a beta of 1.10.

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.