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

D-Wave Quantum Inc. (NYSE:QBTS) saw some unusual options trading activity on Friday. Traders purchased 135,380 call options on the stock. This is an increase of approximately 90% compared to the typical daily volume of 71,392 call options.

D-Wave Quantum Stock Up 41.1 %

Shares of NYSE QBTS traded up $2.84 during trading on Friday, reaching $9.75. 226,245,492 shares of the company traded hands, compared to its average volume of 27,794,610. The firm has a 50 day simple moving average of $6.05 and a 200-day simple moving average of $3.80. The stock has a market capitalization of $2.63 billion, a PE ratio of -23.01 and a beta of 1.12. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.41.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on QBTS. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday. Roth Mkm increased their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday. Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday. Finally, B. Riley raised their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.42.

Insider Activity

In related news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the sale, the insider now directly owns 37,278,688 shares in the company, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock valued at $53,438,181 over the last quarter. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the business. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum in the fourth quarter worth $38,000. Heritage Wealth Advisors bought a new stake in D-Wave Quantum in the fourth quarter worth $67,000. Kingsview Wealth Management LLC bought a new stake in D-Wave Quantum in the fourth quarter worth $84,000. Finally, Summit Investment Advisors Inc. increased its position in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.