Quantum Computing Inc. is flashing a rare three-way convergence. Short availability has collapsed, cost to borrow has spiked 50% in a week, and options traders are the most bullish they've been since early April.
Availability on QUBT has fallen to roughly 6% — only one share remains available to borrow for every sixteen already lent out. The 52-week peak hit 0%, meaning the lending pool went completely dry as recently as May 4th. The borrow market has stayed near that extreme for weeks. Since April 3rd, availability has not risen above 13% on any single day in the ORTEX data.
Cost to borrow has followed. CTB stands at 2.38%, up 50% over the past week and up 46% over the past month. That jump reflects lenders repricing the scarcity. Demand for short exposure remains high, but supply is not keeping pace.
Short interest sits at 27.6% of free float — 61.8 million shares. That position has grown 9.2% in the past week alone, even as the stock has rallied 61% over the past month and 21.8% over the past week. Short sellers are not covering. They are adding into strength, compressing availability further in the process.
The ORTEX short score is 72.7 out of 100. The factor score ranks utilization in the 3rd percentile and days-to-cover in the 5th — both deep in extreme territory.
The put-call ratio dropped to 0.57 on May 14th, now 2.1 standard deviations below its 20-day mean of 0.65. It is the lowest PCR reading since April 2nd, and near the 52-week low of 0.51. Call volume dominates. Options positioning and the lending data are pointing in opposite directions — bulls are buying calls while shorts remain entrenched near the peak of borrowable supply.
Northland Capital Markets initiated coverage on April 20th with an Outperform rating and a $20 price target. That sits 71% above the current close of $11.73. Rosenblatt maintains a Buy with a $22 target. Cantor Fitzgerald is the outlier at Neutral, with a $10 target — now below the current price after the recent rally.
The mean analyst price target is $17.40, implying roughly 48% upside from current levels.
What to watch: Whether shorts begin to cover as availability tightens further — any reduction in the borrow pool could accelerate the squeeze dynamic that options traders already appear to be pricing in.
| Metric | Value |
|---|---|
| SI % of Free Float | 27.6% |
| SI change (1 week) | +9.2% |
| Availability (approx.) | ~6% |
| Cost to Borrow | 2.38% (+50% / 1w) |
| Put-Call Ratio | 0.57 (−2.1σ vs 20d mean) |
| ORTEX Short Score | 72.7 / 100 |
| Price (1 month) | +61.3% |
See the live data behind this article on ORTEX.
Open QUBT on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
