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

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of unusually large options trading on Thursday. Investors acquired 108,592 call options on the stock. This represents an increase of 96% compared to the average volume of 55,432 call options.

Insiders Place Their Bets

In other D-Wave Quantum news, CFO John M. Markovich sold 10,706 shares of D-Wave Quantum stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the sale, the chief financial officer owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director owned 19,803 shares in the company, valued at approximately $356,652.03. This represents a 28.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 31,776 shares of company stock valued at $574,571. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Huntington National Bank grew its holdings in shares of D-Wave Quantum by 17.9% in the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after purchasing an additional 500 shares in the last quarter. Sigma Planning Corp grew its stake in shares of D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after acquiring an additional 560 shares in the last quarter. AlphaStar Capital Management LLC increased its position in shares of D-Wave Quantum by 2.2% during the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after acquiring an additional 592 shares during the period. Noble Wealth Management PBC increased its position in shares of D-Wave Quantum by 6.7% during the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after acquiring an additional 600 shares during the period. Finally, Thoroughbred Financial Services LLC raised its stake in shares of D-Wave Quantum by 0.5% in the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock valued at $3,447,000 after acquiring an additional 602 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

Shares of QBTS stock traded up $4.46 during trading hours on Thursday, reaching $23.76. The company had a trading volume of 48,316,989 shares, compared to its average volume of 29,374,971. D-Wave Quantum has a 12-month low of $12.75 and a 12-month high of $46.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of -21.06 and a beta of 1.95. The stock has a fifty day moving average of $18.06 and a 200-day moving average of $22.24.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The business’s revenue for the quarter was down 80.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.02) EPS. On average, equities analysts anticipate that D-Wave Quantum will post -0.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

QBTS has been the subject of several analyst reports. Northland Securities started coverage on shares of D-Wave Quantum in a research note on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price for the company. Canaccord Genuity Group decreased their price objective on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 target price on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Benchmark reaffirmed a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a report on Friday, January 23rd. Finally, Weiss Ratings lowered D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $34.67.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.