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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 54,450,000 shares, a growth of 23.0% from the February 13th total of 44,260,000 shares. Approximately 21.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 82,330,000 shares, the days-to-cover ratio is presently 0.7 days.

Insider Buying and Selling at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 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 value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the sale, the insider now directly owns 37,278,688 shares of the company's stock, valued at $228,891,144.32. This represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock valued at $46,758,181 in the last quarter. 7.22% of the stock is currently owned by corporate insiders.

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Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 23.0% during 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. State Street Corp boosted its position in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after buying an additional 17,225 shares during the period. Barclays PLC grew its holdings in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its holdings in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter valued at about $820,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Stock Down 3.6 %

Shares of D-Wave Quantum stock traded down $0.32 during trading on Friday, reaching $8.37. The company's stock had a trading volume of 96,853,258 shares, compared to its average volume of 30,717,667. D-Wave Quantum has a 52-week low of $0.75 and a 52-week high of $11.95. The firm's 50-day moving average is $6.25 and its two-hundred day moving average is $4.12. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. On average, equities research analysts anticipate that D-Wave Quantum will post -0.41 EPS for the current year.

Analyst Ratings Changes

QBTS has been the subject of a number of research analyst reports. Roth Mkm lifted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum boosted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. B. Riley raised their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and a consensus price target of $8.42.

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.