Traders Purchase Large 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 Wednesday. Investors acquired 40,054 call options on the stock. This is an increase of approximately 507% compared to the typical volume of 6,596 call options.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in D-Wave Quantum in the second quarter valued at approximately $28,000. Instrumental Wealth LLC grew its position in D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth $45,000. Finally, SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter valued at $42,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $4.68 on Wednesday. D-Wave Quantum has a 1 year low of $0.68 and a 1 year high of $5.38. The firm has a market capitalization of $1.05 billion, a PE ratio of -11.67 and a beta of 1.77. The stock has a fifty day moving average of $1.71 and a two-hundred day moving average of $1.29.

Analyst Ratings Changes

QBTS has been the topic of a number of research reports. Roth Mkm cut their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Company Profile

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.