D-Wave Quantum Inc. (NYSE:QBTS) Short Interest Update
D-Wave Quantum Inc. (NYSE:QBTS) experienced an 18.2% decrease in short interest in August, with 14,050,000 shares short sold as of August 31. This represents 11.7% of the company's shares. The days-to-cover ratio is 3.6 days based on an average trading volume of 3,870,000 shares. Institutional investors own 42.47% of the stock, and several firms have recently adjusted their price targets, maintaining a consensus "Buy" rating. D-Wave Quantum's stock opened at $0.01, with a market cap of $44 million and a P/E ratio of -1.91.
D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 14,050,000 shares, a decline of 18.2% from the August 15th total of 17,180,000 shares. Based on an average trading volume of 3,870,000 shares, the short-interest ratio is presently 3.6 days. Currently, 11.7% of the shares of the stock are sold short.
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Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Carroll Investors Inc raised its position in shares of 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 last quarter. Delta Investment Management LLC acquired a new position in shares of D-Wave Quantum during the first quarter valued at about $36,000. Laidlaw Wealth Management LLC raised its position in shares of D-Wave Quantum by 143.3% during the fourth 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 last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of D-Wave Quantum during the second quarter valued at about $28,000. Finally, Instrumental Wealth LLC raised its position in shares of D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock valued at $62,000 after buying an additional 25,067 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.
D-Wave Quantum Stock Up 1.0 %
Shares of NYSE:QBTS opened at $1.01 on Friday. The company has a market cap of $203.44 million, a price-to-earnings ratio of -1.91 and a beta of 0.98. The business has a 50 day moving average price of $1.00 and a 200 day moving average price of $1.34. D-Wave Quantum has a twelve month low of $0.57 and a twelve month high of $2.44.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $2.18 million during the quarter, compared to analyst estimates of $2.88 million. Analysts anticipate that D-Wave Quantum will post -0.4 EPS for the current year.
Analyst Ratings Changes
A number of research firms recently weighed in on QBTS. Roth Mkm decreased their price target 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. B. Riley initiated coverage on D-Wave Quantum in a research note on Thursday, July 25th. They set a "buy" rating and a $3.00 price target for the company. Needham & Company LLC cut their price target on 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. Benchmark cut their price target on D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Finally, Westpark Capital restated a "buy" rating and issued a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and a consensus price target of $2.54.
Read Our Latest Stock Analysis on D-Wave Quantum
D-Wave Quantum Company Profile
(Get Free Report)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.
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