Short Interest in D-Wave Quantum Inc. (NYSE:QBTS) Expands By 23.0%

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 54,450,000 shares, an increase of 23.0% from the February 13th total of 44,260,000 shares. Approximately 21.1% of the shares of the company are sold short. Based on an average daily volume of 82,330,000 shares, the short-interest ratio is presently 0.7 days.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Stock Down 7.0 %

Shares of QBTS stock traded down $0.76 during trading hours on Wednesday, reaching $10.04. 35,519,524 shares of the stock traded hands, compared to its average volume of 29,462,747. The firm has a market capitalization of $2.70 billion, a PE ratio of -23.96 and a beta of 1.12. D-Wave Quantum has a 1-year low of $0.75 and a 1-year high of $11.95. The business has a fifty day moving average price of $6.11 and a 200 day moving average price of $4.05.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock worth $53,438,181 over the last 90 days. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. boosted its position in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares during the period. Invesco Ltd. increased its stake in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after buying an additional 2,051 shares during the period. Corebridge Financial Inc. lifted its position in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after buying an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at $26,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after acquiring an additional 3,660 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.