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

D-Wave Quantum Inc. (NYSE:QBTS) was the target of a significant growth in short interest in 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. Currently, 21.1% of the shares of the company are sold short. Based on an average daily trading volume, of 82,330,000 shares, the short-interest ratio is presently 0.7 days.

D-Wave Quantum Price Performance

QBTS traded down $0.41 on Tuesday, reaching $10.77. 154,289,415 shares of the company’s stock were exchanged, compared to its average volume of 29,423,803. The stock has a market cap of $2.90 billion, a PE ratio of -25.64 and a beta of 1.12. D-Wave Quantum has a twelve month low of $0.75 and a twelve month high of $11.95. The stock’s fifty day moving average price is $6.09 and its 200-day moving average price is $3.98.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,071,206 shares of company stock worth $53,438,181. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the 4th quarter valued at about $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the 4th quarter valued at about $67,000. Kingsview Wealth Management LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. boosted its holdings in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.