D-Wave Quantum Inc. (NYSE:QBTS) Short Interest Update

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 8,372 shares of the company’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 $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. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock valued at $53,438,181 over the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. Barclays PLC boosted its position in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at $820,000. Truist Financial Corp acquired a new position in D-Wave Quantum in the 4th quarter valued at about $108,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $488,000. Finally, Jones Financial Companies Lllp increased its position in D-Wave Quantum by 341.7% during the 4th quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company’s stock worth $199,000 after buying an additional 18,325 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Trading Down 2.0 %

NYSE:QBTS opened at $10.59 on Thursday. The stock has a 50-day moving average price of $6.20 and a two-hundred day moving average price of $4.09. D-Wave Quantum has a 1 year low of $0.75 and a 1 year high of $11.95. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -25.20 and a beta of 1.12.

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.