D-Wave Quantum Inc. (NYSE:QBTS) Short Interest Up 59.5% in July

D-Wave Quantum Inc. (NYSE:QBTS) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 11,310,000 shares, a growth of 59.5% from the June 30th total of 7,090,000 shares. Approximately 9.4% of the company’s shares are short sold. Based on an average daily volume of 4,060,000 shares, the short-interest ratio is presently 2.8 days.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Emil Michael sold 25,675 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $1.35, for a total transaction of $34,661.25. Following the completion of the transaction, the director now owns 937,048 shares of the company’s stock, valued at approximately $1,265,014.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Delta Investment Management LLC bought a new stake in shares of D-Wave Quantum in the 1st quarter worth $36,000. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth $28,000. Instrumental Wealth LLC bought a new stake in shares of D-Wave Quantum in the 1st quarter worth $60,000. Carroll Investors Inc increased its holdings in shares of D-Wave Quantum by 44.7% in the 1st quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock worth $62,000 after purchasing an additional 9,415 shares in the last quarter. Finally, Laidlaw Wealth Management LLC increased its holdings in shares of D-Wave Quantum by 143.3% in 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 in the last quarter. Institutional investors own 42.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. B. Riley assumed coverage on D-Wave Quantum in a report on Thursday. They set a “buy” rating and a $3.00 target price on the stock. Craig Hallum upped their target price on D-Wave Quantum from $1.75 to $2.50 and gave the stock a “buy” rating in a report on Monday, April 1st. Roth Mkm upped their target price on D-Wave Quantum from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Benchmark upped their target price on D-Wave Quantum from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.50 target price on shares of D-Wave Quantum in a report on Tuesday, May 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $2.83.

D-Wave Quantum Stock Down 3.9 %

QBTS stock opened at $0.99 on Monday. D-Wave Quantum has a twelve month low of $0.57 and a twelve month high of $2.72. The firm has a market cap of $169.57 million, a PE ratio of -1.87 and a beta of 0.98. The business has a 50 day moving average of $1.17 and a 200 day moving average of $1.39.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). The company had revenue of $2.47 million during the quarter, compared to the consensus estimate of $2.75 million. On average, research analysts expect that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

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.