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

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of unusually large options trading on Wednesday. Investors bought 100,953 call options on the stock. This is an increase of 80% compared to the typical daily volume of 55,949 call options.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Summit Investment Advisors Inc. boosted its position in shares of 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 buying an additional 1,766 shares during the last quarter. Invesco Ltd. increased its stake in shares of D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after purchasing an additional 2,051 shares during the last quarter. Corebridge Financial Inc. raised its stake in shares of D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after buying an additional 2,342 shares during the period. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at about $26,000. Finally, Steward Partners Investment Advisory LLC boosted its position in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after purchasing an additional 3,660 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Up 12.3 %

NYSE QBTS traded up $0.74 during mid-day trading on Wednesday, hitting $6.78. The company’s stock had a trading volume of 71,870,661 shares, compared to its average volume of 85,740,117. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -16.15 and a beta of 1.10. The company’s 50 day simple moving average is $6.65 and its 200 day simple moving average is $3.25. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.41.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on QBTS. B. Riley lifted their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Craig Hallum increased their price target on 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 reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Finally, Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.71.

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.