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

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

D-Wave Quantum Price Performance

QBTS stock traded up $1.77 during mid-day trading on Thursday, reaching $9.72. 69,289,434 shares of the company’s stock were exchanged, compared to its average volume of 12,003,709. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -23.14 and a beta of 1.79. D-Wave Quantum has a 12-month low of $0.68 and a 12-month high of $10.50. The stock’s 50 day moving average is $3.06 and its 200 day moving average is $1.73.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on QBTS shares. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley lifted 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. Craig Hallum raised 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. Roth Mkm lifted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. 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 research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and an average target price of $5.63.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated 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 sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 over the last ninety days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the 2nd quarter valued at about $45,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum in the 3rd quarter valued at $42,000. Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter worth $49,000. Rhumbline Advisers acquired a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $93,000. Finally, Barclays PLC increased its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other 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.