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

D-Wave Quantum Inc. (NYSE:QBTS) was the target of some unusual options trading activity on Friday. Traders bought 122,862 call options on the stock. This represents an increase of 185% compared to the typical daily volume of 43,066 call options.

D-Wave Quantum Price Performance

QBTS opened at $6.10 on Friday. D-Wave Quantum has a one year low of $0.71 and a one year high of $11.41. The company’s 50 day simple moving average is $5.65 and its 200-day simple moving average is $2.65. The stock has a market capitalization of $1.64 billion, a P/E ratio of -14.51 and a beta of 1.16.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 20,138,711 shares of company stock worth $92,022,537 in the last ninety days. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently bought and sold shares of the business. Spire Wealth Management acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $90,000. Sonora Investment Management Group LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth $135,000. State Street Corp raised its holdings in D-Wave Quantum by 0.9% in 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 during the period. Strategic Advocates LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth $148,000. Finally, Arkadios Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter worth $162,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on QBTS shares. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley upped their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $6.38.

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.