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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was the recipient of unusually large options trading activity on Friday. Investors acquired 136,899 call options on the company. This is an increase of 20% compared to the typical volume of 113,728 call options.

D-Wave Quantum Trading Up 13.7%

QBTS stock traded up $2.26 during midday trading on Friday, hitting $18.73. The company had a trading volume of 61,672,022 shares, compared to its average volume of 44,470,002. D-Wave Quantum has a 52 week low of $0.75 and a 52 week high of $19.77. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of -44.46 and a beta of 1.49. The stock's 50 day moving average price is $10.34 and its 200 day moving average price is $7.63.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. Analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Roger Biscay sold 96,521 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total value of $1,723,865.06. Following the transaction, the director now directly owns 106,626 shares in the company, valued at approximately $1,904,340.36. This trade represents a 47.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the transaction, the chief executive officer now owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,358,009 shares of company stock valued at $23,282,578. Company insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in 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 worth $1,916,000 after buying an additional 209,000 shares during the period. Truist Financial Corp acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $108,000. Finally, JPMorgan Chase & Co. boosted its holdings in D-Wave Quantum by 20.6% in the fourth quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock valued at $393,000 after purchasing an additional 8,001 shares during the period. Institutional investors and hedge funds own 42.47% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on QBTS shares. B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Finally, Benchmark lifted their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $10.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.