D-Wave Quantum Sees Unusually High Options Volume (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) saw unusually large options trading activity on Thursday. Traders purchased 245,715 call options on the company. This is an increase of 180% compared to the average daily volume of 87,810 call options.

Wall Street Analyst Weigh In

A number of research firms recently commented on QBTS. Needham & Company LLC increased their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $9.17.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the period. Barclays PLC increased its position in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Bank of New York Mellon Corp raised its holdings in D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock worth $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of D-Wave Quantum by 1,097.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock valued at $1,916,000 after purchasing an additional 209,000 shares in the last quarter. Finally, Truist Financial Corp purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at about $108,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $11.10 on Friday. D-Wave Quantum has a fifty-two week low of $0.75 and a fifty-two week high of $11.95. The company has a market capitalization of $3.23 billion, a P/E ratio of -26.43 and a beta of 0.90. The stock has a 50 day moving average price of $7.41 and a two-hundred day moving average price of $5.78.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analysts’ expectations of $10.50 million. As a group, equities analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

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.