D-Wave Quantum Sees Unusually High Options Volume (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) saw some unusual options trading activity on Thursday. Stock traders purchased 36,653 call options on the stock. This is an increase of 81% compared to the typical volume of 20,251 call options.

Analysts Set New Price Targets

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

D-Wave Quantum Stock Up 0.1 %

NYSE QBTS opened at $9.91 on Friday. D-Wave Quantum has a 52 week low of $0.68 and a 52 week high of $11.41. The company has a 50 day moving average price of $3.41 and a 200 day moving average price of $1.85. The firm has a market cap of $2.22 billion, a PE ratio of -23.60 and a beta of 1.79.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 10,081,459 shares of company stock valued at $45,337,894 in the last three months. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth $251,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum in the second quarter valued at about $93,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the second quarter valued at about $45,000. XTX Topco Ltd acquired a new stake in D-Wave Quantum in the second quarter worth about $163,000. Finally, Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $265,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.