D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was the target of unusually large options trading activity on Friday. Stock traders bought 122,862 call options on the company. This is an increase of approximately 185% compared to the typical volume of 43,066 call options.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on QBTS. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. B. Riley raised their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Needham & Company LLC restated a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Finally, Benchmark reissued a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $6.38.
Read Our Latest Stock Analysis on QBTS
D-Wave Quantum Stock Up 1.1 %
Shares of D-Wave Quantum stock traded up $0.07 during mid-day trading on Friday, hitting $6.10. The stock had a trading volume of 138,578,683 shares, compared to its average volume of 91,462,768. The firm has a market cap of $1.64 billion, a P/E ratio of -14.51 and a beta of 1.16. The firm has a 50-day moving average of $5.65 and a two-hundred day moving average of $2.65. D-Wave Quantum has a 12-month low of $0.71 and a 12-month high of $11.41.
Insider Transactions at D-Wave Quantum
In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares of the company's stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 20,138,711 shares of company stock valued at $92,022,537 over the last 90 days. Corporate insiders own 7.22% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in QBTS. Barclays PLC raised its stake in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at approximately $820,000. Geode Capital Management LLC raised its position in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after purchasing an additional 645,039 shares during the period. State Street Corp lifted its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after buying an additional 839,942 shares during the period. 42.47% of the stock is currently owned by hedge funds and other institutional investors.
About D-Wave Quantum
(
Get Free Report)
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.
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