D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 14,050,000 shares, a decrease of 18.2% from the August 15th total of 17,180,000 shares. Based on an average daily volume of 3,870,000 shares, the short-interest ratio is presently 3.6 days. Currently, 11.7% of the shares of the stock are sold short.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Benchmark dropped their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Roth Mkm dropped their price target on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. B. Riley began coverage on shares of D-Wave Quantum in a research report on Thursday, July 25th. They issued a “buy” rating and a $3.00 price target for the company. Westpark Capital reaffirmed a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a report on Friday, August 9th. Finally, Needham & Company LLC dropped their price objective on shares of D-Wave Quantum from $2.50 to $2.25 and set a “buy” rating for the company in a report on Friday, August 9th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $2.54.
Read Our Latest Research Report on QBTS
Institutional Trading of D-Wave Quantum
D-Wave Quantum Price Performance
Shares of D-Wave Quantum stock opened at $1.01 on Friday. The firm has a market cap of $203.44 million, a P/E ratio of -1.91 and a beta of 0.98. The firm has a 50 day simple moving average of $1.00 and a 200 day simple moving average of $1.34. D-Wave Quantum has a fifty-two week low of $0.57 and a fifty-two week high of $2.44.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The company had revenue of $2.18 million during the quarter, compared to analyst estimates of $2.88 million. On average, sell-side analysts expect that D-Wave Quantum will post -0.4 EPS for the current year.
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.
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