Quantinuum Inc. (NASDAQ:QNT) Sees Significant Growth in Short Interest

Quantinuum Inc. (NASDAQ:QNT) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 2,925,284 shares, an increase of ∞ from the May 31st total of 0 shares. Based on an average trading volume of 5,589,953 shares, the days-to-cover ratio is presently 0.5 days. Currently, 1.1% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on QNT shares. Needham & Company LLC assumed coverage on Quantinuum in a research report on Monday. They issued a “buy” rating and a $100.00 target price for the company. JPMorgan Chase & Co. started coverage on Quantinuum in a report on Monday. They issued an “overweight” rating and a $97.00 price target for the company. Sanford C. Bernstein began coverage on Quantinuum in a research report on Monday. They set an “outperform” rating and a $94.00 price target on the stock. Morgan Stanley started coverage on shares of Quantinuum in a research report on Monday. They issued an “equal weight” rating and a $78.00 target price for the company. Finally, Wall Street Zen upgraded shares of Quantinuum to a “hold” rating in a research note on Saturday, June 20th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $98.75.

Insiders Place Their Bets

In related news, Director Michal Stepniak purchased 13,333 shares of the business’s stock in a transaction on Friday, June 5th. The shares were bought at an average price of $60.00 per share, with a total value of $799,980.00. Following the completion of the purchase, the director directly owned 13,333 shares in the company, valued at approximately $799,980. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kenneth D. Denman bought 14,000 shares of Quantinuum stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $60.00 per share, for a total transaction of $840,000.00. Following the acquisition, the director directly owned 19,833 shares of the company’s stock, valued at $1,189,980. The trade was a 240.01% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 411,032 shares of company stock valued at $24,661,920.

Quantinuum Price Performance

Shares of NASDAQ QNT traded down $2.90 during mid-day trading on Wednesday, reaching $78.84. The company had a trading volume of 1,662,756 shares, compared to its average volume of 4,182,725. Quantinuum has a 12-month low of $50.10 and a 12-month high of $82.30.

Quantinuum Company Profile

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.