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

D-Wave Quantum Inc. (NYSE:QBTS) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 14,050,000 shares, a drop of 18.2% from the August 15th total of 17,180,000 shares. Based on an average daily trading volume, of 3,870,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 11.7% of the company’s stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum during the second quarter worth approximately $28,000. Laidlaw Wealth Management LLC boosted its stake in D-Wave Quantum by 143.3% in the 4th quarter. Laidlaw Wealth Management LLC now owns 35,224 shares of the company’s stock valued at $31,000 after purchasing an additional 20,744 shares during the period. Delta Investment Management LLC acquired a new position in D-Wave Quantum in the 1st quarter valued at $36,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum during the 2nd quarter worth $45,000. Finally, Instrumental Wealth LLC acquired a new stake in shares of D-Wave Quantum during the first quarter worth $60,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on QBTS. Westpark Capital restated a “buy” rating and issued a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. B. Riley initiated coverage on shares of D-Wave Quantum in a report on Thursday, July 25th. They set a “buy” rating and a $3.00 target price for the company. Benchmark lowered their price target on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Needham & Company LLC reduced 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 note on Friday, August 9th. Finally, Roth Mkm lowered their target price on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and an average target price of $2.54.

D-Wave Quantum Trading Up 1.0 %

Shares of NYSE QBTS opened at $1.01 on Monday. D-Wave Quantum has a 12 month low of $0.57 and a 12 month high of $2.44. The stock has a 50 day moving average of $1.00 and a 200-day moving average of $1.33. The company has a market capitalization of $172.98 million, a P/E ratio of -1.91 and a beta of 0.98.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). The company had revenue of $2.18 million for the quarter, compared to the consensus estimate of $2.88 million. Analysts predict that D-Wave Quantum will post -0.4 EPS for the current fiscal 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.