D-Wave Quantum Inc. (NYSE:QBTS) Short Interest Update

D-Wave Quantum Inc. (NYSE:QBTS) saw a large decrease in short interest in the month of 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 currently 3.6 days. Approximately 11.7% of the company’s stock are sold short.

D-Wave Quantum Stock Down 2.6 %

QBTS opened at $0.98 on Tuesday. D-Wave Quantum has a 52-week low of $0.57 and a 52-week high of $2.44. The firm’s 50 day moving average is $1.00 and its 200-day moving average is $1.33. The firm has a market capitalization of $168.43 million, a P/E ratio of -1.86 and a beta of 0.98.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The firm had revenue of $2.18 million during the quarter, compared to the consensus estimate of $2.88 million. Equities analysts expect that D-Wave Quantum will post -0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Delta Investment Management LLC bought a new stake in D-Wave Quantum during the first quarter worth approximately $36,000. Baader Bank Aktiengesellschaft acquired a new stake in D-Wave Quantum during the 2nd quarter worth about $28,000. Instrumental Wealth LLC acquired a new position in D-Wave Quantum in the 1st quarter worth approximately $60,000. Carroll Investors Inc raised its position in D-Wave Quantum by 44.7% during the first quarter. Carroll Investors Inc now owns 30,485 shares of the company’s stock valued at $62,000 after buying an additional 9,415 shares during the period. Finally, Laidlaw Wealth Management LLC increased 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 buying an additional 20,744 shares during the period. Institutional investors own 42.47% of the company’s stock.

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.