D-Wave Quantum Target of Unusually Large Options Trading (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS) was the target of some unusual options trading activity on Tuesday. Stock traders bought 10,239 call options on the company. This represents an increase of approximately 186% compared to the typical volume of 3,578 call options.

Analysts Set New Price Targets

Several analysts have commented on QBTS shares. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Westpark Capital reaffirmed a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Roth Mkm reduced their target price on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. B. Riley lifted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday. Finally, Benchmark reduced their price objective on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $2.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after purchasing an additional 162,688 shares during the period. Virtu Financial LLC grew its stake in shares of D-Wave Quantum by 217.0% in the first quarter. Virtu Financial LLC now owns 124,689 shares of the company’s stock valued at $254,000 after acquiring an additional 85,351 shares in the last quarter. Instrumental Wealth LLC bought a new position in D-Wave Quantum during the first quarter worth about $60,000. Baader Bank Aktiengesellschaft acquired a new stake in D-Wave Quantum in the 2nd quarter worth about $28,000. Finally, Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum in the 2nd quarter worth about $251,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Trading Down 5.2 %

NYSE:QBTS traded down $0.15 on Tuesday, hitting $2.74. The company’s stock had a trading volume of 17,444,570 shares, compared to its average volume of 5,581,856. D-Wave Quantum has a one year low of $0.68 and a one year high of $3.77. The firm has a market capitalization of $613.79 million, a P/E ratio of -6.38 and a beta of 0.96. The stock has a fifty day moving average of $1.23 and a two-hundred day moving average of $1.14.

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.