Short Interest in IQM Quantum Computers (NASDAQ:IQMX) Expands By 77.2%

IQM Quantum Computers (NASDAQ:IQMX) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 1,341,680 shares, an increase of 77.2% from the August 15th total of 756,953 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 506,276 shares, the days-to-cover ratio is currently 2.7 days.

Analysts Set New Price Targets

Several research firms have recently weighed in on IQMX. Wall Street Zen upgraded IQM Quantum Computers to a “hold” rating in a report on Saturday, August 29th. Rothschild & Co Redburn started coverage on shares of IQM Quantum Computers in a research note on Monday, July 27th. They issued a “neutral” rating and a $12.88 price objective on the stock. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, IQM Quantum Computers currently has a consensus rating of “Hold” and an average target price of $12.88.

IQM Quantum Computers Stock Performance

IQMX traded down $0.49 during trading on Thursday, hitting $8.84. The company’s stock had a trading volume of 768,197 shares, compared to its average volume of 445,588. IQM Quantum Computers has a twelve month low of $8.74 and a twelve month high of $15.10. The business’s fifty day simple moving average is $10.48.

IQM Quantum Computers (NASDAQ:IQMX) last posted its quarterly earnings results on Tuesday, August 4th. The quantum computing company reported ($1.37) EPS for the quarter. The business had revenue of $7.77 million for the quarter.

About IQM Quantum Computers

IQM Quantum Computers is a Finnish quantum-computing company that develops superconducting quantum processors and complete quantum-computing systems. Its offerings are designed for research institutions, universities, government organizations and commercial enterprises seeking access to quantum-computing capabilities.

The company provides on-premises quantum computers, quantum processing units and related software and services. It also supports customers through cloud-based access and partnerships intended to help organizations develop and test quantum applications in areas such as scientific research, optimization and simulation.

Founded in Finland in 2018 by quantum-technology researchers and entrepreneurs, IQM has expanded its operations across Europe, including locations in Finland, Germany, France and Spain.