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

Key Points

• Quantinuum’s short interest fell 56.8% to 2.02 million shares as of July 15, down from 4.67 million shares on June 30. Short interest represents approximately 0.8% of outstanding shares, with a days-to-cover ratio of 0.8.
• Company insiders showed strong buying activity, including a director’s purchase of 20,000 shares and another insider’s purchase of 15,000 shares at $60 per share. Insiders purchased 411,032 shares worth approximately $24.7 million over the last quarter.
• Analysts remain broadly positive, with 12 Buy ratings and two Hold ratings producing a “Moderate Buy” consensus and an average price target of $98.75, compared with the stock’s Monday opening price of $52.29.

Quantinuum Inc. (NASDAQ:QNT - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 2,015,456 shares, a decrease of 56.8% from the June 30th total of 4,669,276 shares. Based on an average trading volume of 2,407,631 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.8% of the shares of the stock are short sold.

Insider Activity

In other news, Director Manish H. Bhatia purchased 20,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $60.00 per share, for a total transaction of $1,200,000.00. Following the completion of the acquisition, the director directly owned 25,833 shares in the company, valued at approximately $1,549,980. The trade was a 342.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kevin Scott Dehoff acquired 15,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $60.00 per share, with a total value of $900,000.00. Following the completion of the transaction, the insider owned 126,460 shares of the company's stock, valued at approximately $7,587,600. This trade represents a 13.46% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 411,032 shares of company stock worth $24,661,920.

Quantinuum Stock Performance

Quantinuum stock opened at $52.29 on Monday. Quantinuum has a 1 year low of $50.10 and a 1 year high of $86.79.

Analysts Set New Price Targets

Several equities research analysts have recently commented on QNT shares. Sanford C. Bernstein started coverage on shares of Quantinuum in a research report on Monday, June 29th. They set an "outperform" rating and a $94.00 price target for the company. Mizuho assumed coverage on shares of Quantinuum in a report on Monday, June 29th. They issued an "outperform" rating and a $90.00 price objective on the stock. Cantor Fitzgerald began coverage on shares of Quantinuum in a research note on Monday, June 29th. They issued an "overweight" rating and a $90.00 price objective on the stock. Morgan Stanley initiated coverage on shares of Quantinuum in a report on Monday, June 29th. They set an "equal weight" rating and a $78.00 target price for the company. Finally, TD Cowen started coverage on shares of Quantinuum in a research report on Monday, June 29th. They set a "buy" rating for the company. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $98.75.

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.

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