Traders Buy Large Volume of D-Wave Quantum Call Options (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) was the target of some unusual options trading on Tuesday. Stock traders purchased 10,239 call options on the stock. This is an increase of approximately 186% compared to the typical volume of 3,578 call options.

Institutional Trading of D-Wave Quantum

Large investors have recently made changes to their positions in the business. Penserra Capital Management LLC raised its holdings in D-Wave Quantum by 23.0% during 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 period. Geode Capital Management LLC increased its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum in the second quarter valued at $265,000. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $251,000. Finally, Vanguard Group Inc. boosted its stake in shares of D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after purchasing an additional 162,688 shares during the period. 42.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on QBTS. Westpark Capital reissued a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Benchmark cut their price target on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Monday, August 12th. 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 report on Monday. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm reduced their price target on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $2.88.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $2.70 on Wednesday. D-Wave Quantum has a one year low of $0.68 and a one year high of $3.77. The stock has a 50 day moving average price of $1.27 and a 200-day moving average price of $1.15. The company has a market capitalization of $604.83 million, a P/E ratio of -6.43 and a beta of 0.96.

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.