Short Interest in D-Wave Quantum Inc. (NYSE:QBTS) Expands By 23.0%

D-Wave Quantum Inc. (NYSE:QBTS) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 54,450,000 shares, an increase 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. Currently, 21.1% of the company’s stock are short sold.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on QBTS. B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Craig Hallum lifted their price target 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. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised 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 note on Friday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Price Performance

QBTS stock traded down $0.76 on Wednesday, reaching $10.04. 35,519,524 shares of the company were exchanged, compared to its average volume of 29,462,747. The firm has a market capitalization of $2.70 billion, a PE ratio of -23.96 and a beta of 1.12. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $11.95. The stock’s fifty day moving average price is $6.11 and its 200 day moving average price is $4.05.

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.