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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) saw some unusual options trading on Friday. Investors purchased 45,052 call options on the stock. This is an increase of approximately 42% compared to the typical daily volume of 31,639 call options.

D-Wave Quantum Price Performance

QBTS stock traded down $0.33 on Friday, reaching $5.77. 86,767,638 shares of the company traded hands, compared to its average volume of 92,426,828. The firm has a fifty day simple moving average of $4.84 and a 200-day simple moving average of $2.34. The company has a market cap of $1.55 billion, a P/E ratio of -13.74 and a beta of 1.16. D-Wave Quantum has a one year low of $0.68 and a one year high of $11.41.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Monday, November 25th. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark upped their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Finally, Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 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, the company currently has an average rating of "Buy" and a consensus price target of $5.63.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business'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 in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 over the last 90 days. Insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Bank of New York Mellon Corp purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth $251,000. Rhumbline Advisers purchased a new position in D-Wave Quantum during the second quarter valued at $93,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum during the second quarter valued at $45,000. XTX Topco Ltd bought a new stake in D-Wave Quantum during the second quarter valued at about $163,000. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum in the second quarter worth about $265,000. 42.47% of the stock is currently 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.