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

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

D-Wave Quantum Price Performance

Shares of QBTS opened at $0.98 on Tuesday. The business’s 50 day simple moving average is $1.00 and its 200-day simple moving average is $1.33. D-Wave Quantum has a 1 year low of $0.57 and a 1 year high of $2.44. The stock has a market capitalization of $168.43 million, a price-to-earnings ratio of -1.86 and a beta of 0.98.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results 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 during the quarter, compared to analysts’ expectations of $2.88 million. On average, sell-side analysts expect that D-Wave Quantum will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Baader Bank Aktiengesellschaft purchased a new stake in D-Wave Quantum in the second quarter valued at approximately $28,000. Laidlaw Wealth Management LLC grew its holdings in shares of D-Wave Quantum by 143.3% during the 4th quarter. Laidlaw Wealth Management LLC now owns 35,224 shares of the company’s stock worth $31,000 after purchasing an additional 20,744 shares during the period. Delta Investment Management LLC acquired a new stake in shares of D-Wave Quantum during the 1st quarter worth about $36,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the 2nd quarter valued at about $45,000. Finally, Instrumental Wealth LLC acquired a new position in D-Wave Quantum in the first quarter valued at about $60,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on QBTS. B. Riley assumed coverage on shares of D-Wave Quantum in a report on Thursday, July 25th. They set a “buy” rating and a $3.00 price target for the company. Needham & Company LLC lowered their price target on shares of D-Wave Quantum from $2.50 to $2.25 and set a “buy” rating on the stock in a research report on Friday, August 9th. Benchmark dropped their target price on D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Roth Mkm decreased their price target on D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Westpark Capital reissued a “buy” rating and set a $3.00 target price on shares of D-Wave Quantum in a research note on Friday, August 9th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $2.54.

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.