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

D-Wave Quantum Inc. (NYSE:QBTS) saw a large growth in short interest in 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 presently 0.7 days. Approximately 21.1% of the shares of the stock are sold short.

Insider Activity

In other news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum in the 4th quarter worth $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum in the fourth quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. raised its stake in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports 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. Needham & Company LLC reiterated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum 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 report on Friday, March 14th. Craig Hallum lifted 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, Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Down 2.0 %

Shares of QBTS stock opened at $10.59 on Thursday. The company has a 50 day moving average of $6.20 and a 200-day moving average of $4.09. D-Wave Quantum has a 12-month low of $0.75 and a 12-month high of $11.95. The firm has a market cap of $2.85 billion, a P/E ratio of -25.20 and a beta of 1.12.

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.