D-Wave Quantum Inc. (NYSE:QBTS) Sees Significant Increase in Short Interest

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of a large increase in short interest in 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. Based on an average daily volume of 82,330,000 shares, the days-to-cover ratio is presently 0.7 days. Currently, 21.1% of the company’s stock are short sold.

Insider Transactions at D-Wave Quantum

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

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. boosted its stake in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

QBTS has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday. 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. Finally, B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Down 3.7 %

D-Wave Quantum stock traded down $0.41 during midday trading on Tuesday, reaching $10.77. The stock had a trading volume of 154,289,415 shares, compared to its average volume of 29,423,803. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.95. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -25.64 and a beta of 1.12. The company has a fifty day moving average of $6.09 and a 200 day moving average of $3.98.

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.