Investors Buy High Volume of Call Options on D-Wave Quantum (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of some unusual options trading on Tuesday. Investors acquired 10,239 call options on the stock. This is an increase of 186% compared to the average daily volume of 3,578 call options.

D-Wave Quantum Stock Performance

Shares of QBTS traded down $0.15 during trading hours on Tuesday, reaching $2.74. The stock had a trading volume of 17,444,570 shares, compared to its average volume of 5,581,856. D-Wave Quantum has a 12 month low of $0.68 and a 12 month high of $3.77. The stock has a market capitalization of $613.79 million, a PE ratio of -6.38 and a beta of 0.96. The company’s 50-day moving average is $1.23 and its two-hundred day moving average is $1.14.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently bought and sold shares of QBTS. Penserra Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the period. Marshall Wace LLP bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $265,000. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum in the second quarter valued at about $251,000. Finally, Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after acquiring an additional 162,688 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QBTS. Needham & Company LLC reissued 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 decreased their price target on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Roth Mkm dropped their price objective on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. B. Riley raised their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday. Finally, Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $2.88.

D-Wave Quantum Company Profile

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.