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

D-Wave Quantum Inc. (NYSE:QBTS) saw unusually large options trading activity on Thursday. Stock traders acquired 201,274 call options on the stock. This represents an increase of 65% compared to the average volume of 121,763 call options.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $19.24 on Friday. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of -32.07 and a beta of 1.40. The firm’s 50 day simple moving average is $15.68 and its 200 day simple moving average is $9.88. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $19.77.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. As a group, research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In related news, Director Rohit Ghai sold 43,517 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the transaction, the director owned 57,778 shares in the company, valued at approximately $970,670.40. This represents a 42.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Biscay sold 106,626 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the completion of the transaction, the director owned 14,260 shares in the company, valued at approximately $240,281. This trade represents a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the business. Signaturefd LLC raised its stake in D-Wave Quantum by 24.2% during the second quarter. Signaturefd LLC now owns 7,168 shares of the company’s stock worth $105,000 after buying an additional 1,397 shares during the last quarter. Masso Torrence Wealth Management Inc. bought a new position in D-Wave Quantum during the second quarter worth $146,000. Wealth Management Partners LLC acquired a new stake in D-Wave Quantum in the second quarter worth $240,000. Bouvel Investment Partners LLC acquired a new stake in D-Wave Quantum in the second quarter worth $2,145,000. Finally, Farther Finance Advisors LLC grew its holdings in D-Wave Quantum by 491.3% in the second quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company’s stock worth $239,000 after purchasing an additional 13,561 shares during the period. Institutional investors own 42.47% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on QBTS. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research note on Wednesday, June 18th. B. Riley reiterated a “buy” rating and issued a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Roth Capital reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Needham & Company LLC upped their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Benchmark reiterated a “buy” rating and issued a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $14.38.

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.