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

D-Wave Quantum Inc. (NYSE:QBTS) saw some unusual options trading on Friday. Stock traders purchased 45,052 call options on the company. This is an increase of 42% compared to the average daily volume of 31,639 call options.

D-Wave Quantum Price Performance

QBTS opened at $5.77 on Friday. The firm has a market capitalization of $1.55 billion, a PE ratio of -13.74 and a beta of 1.16. D-Wave Quantum has a fifty-two week low of $0.68 and a fifty-two week high of $11.41. The company’s 50-day moving average is $4.84 and its 200 day moving average is $2.34.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed 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 over the last three months. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC boosted its position in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. Marshall Wace LLP bought a new position in D-Wave Quantum during the second quarter valued at about $265,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $251,000. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum during the second quarter valued at $163,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on QBTS shares. Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark upped their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus price target of $5.63.

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.