D-Wave Quantum Inc. (NYSE:QBTS) Short Interest Up 26.8% in July

D-Wave Quantum Inc. (NYSE:QBTS) was the recipient of a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 14,340,000 shares, an increase of 26.8% from the July 15th total of 11,310,000 shares. Currently, 12.0% of the shares of the company are sold short. Based on an average daily volume of 4,120,000 shares, the short-interest ratio is presently 3.5 days.

Insider Buying and Selling

In other D-Wave Quantum news, Director Emil Michael sold 36,353 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $1.30, for a total value of $47,258.90. Following the sale, the director now owns 962,723 shares in the company, valued at approximately $1,251,539.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. CIBC Private Wealth Group LLC increased its stake in shares of D-Wave Quantum by 25.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,350,096 shares of the company’s stock worth $1,188,000 after buying an additional 270,096 shares during the last quarter. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 17.9% during the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after acquiring an additional 162,688 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $265,000. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $251,000. Finally, Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum during the second quarter worth about $163,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Needham & Company LLC cut 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 research report on Friday, August 9th. 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. Westpark Capital reissued a “buy” rating and issued a $3.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 9th. Benchmark cut their price objective on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Monday. Finally, B. Riley started coverage on D-Wave Quantum in a research note on Thursday, July 25th. They set a “buy” rating and a $3.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $2.54.

D-Wave Quantum Price Performance

QBTS traded up $0.03 during trading on Thursday, hitting $0.93. The company’s stock had a trading volume of 699,900 shares, compared to its average volume of 3,987,173. The firm’s 50 day moving average price is $1.07 and its 200-day moving average price is $1.40. D-Wave Quantum has a twelve month low of $0.57 and a twelve month high of $2.44. The stock has a market cap of $159.81 million, a PE ratio of -1.70 and a beta of 0.98.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). The business had revenue of $2.47 million for the quarter, compared to analysts’ expectations of $2.75 million. Equities analysts anticipate that D-Wave Quantum will post -0.41 earnings per share for the current year.

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.