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

D-Wave Quantum Inc. (NYSE:QBTS) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 26,140,000 shares, a growth of 52.8% from the November 15th total of 17,110,000 shares. Based on an average daily trading volume, of 16,480,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 21.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on QBTS. Needham & Company LLC restated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, B. Riley raised their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $3.71.

D-Wave Quantum Stock Performance

Shares of NYSE:QBTS traded up $1.09 during trading on Friday, reaching $5.00. The stock had a trading volume of 81,275,231 shares, compared to its average volume of 45,371,360. The business has a fifty day moving average price of $1.99 and a 200-day moving average price of $1.38. The stock has a market cap of $1.12 billion, a PE ratio of -11.90 and a beta of 1.79. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $5.38.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares in the last quarter. Geode Capital Management LLC lifted its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares in the last quarter. State Street Corp lifted its position in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares in the last quarter. Penserra Capital Management LLC raised its position in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Finally, Bogart Wealth LLC purchased a new stake in D-Wave Quantum in the third quarter valued at $49,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.