Short Interest in Quantinuum Inc. (NASDAQ:QNT) Rises By ∞

Quantinuum Inc. (NASDAQ:QNT) was the target of a significant increase in short interest in 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 daily trading volume, of 5,589,953 shares, the days-to-cover ratio is currently 0.5 days. Currently, 1.1% of the shares of the stock are sold short.

Insider Activity

In related news, Director Michal Stepniak acquired 13,333 shares of the stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $60.00 per share, for a total transaction of $799,980.00. Following the transaction, the director owned 13,333 shares in the company, valued at $799,980. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kevin Scott Dehoff acquired 15,000 shares of Quantinuum stock in a transaction dated Friday, June 5th. The shares were bought at an average cost of $60.00 per share, for a total transaction of $900,000.00. Following the completion of the purchase, the insider directly owned 126,460 shares of the company’s stock, valued at approximately $7,587,600. The trade was a 13.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 411,032 shares of company stock worth $24,661,920.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Bank of America initiated coverage on Quantinuum in a report on Monday. They set a “buy” rating and a $100.00 target price for the company. JPMorgan Chase & Co. began coverage on shares of Quantinuum in a report on Monday. They set an “overweight” rating and a $97.00 target price for the company. TD Cowen started coverage on shares of Quantinuum in a research note on Monday. They issued a “buy” rating on the stock. Morgan Stanley started coverage on Quantinuum in a research report on Monday. They issued an “equal weight” rating and a $78.00 price objective on the stock. Finally, Zacks Research upgraded Quantinuum to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $98.75.

Quantinuum Price Performance

NASDAQ:QNT opened at $74.56 on Friday. Quantinuum has a 12 month low of $50.10 and a 12 month high of $82.30.

About Quantinuum

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.