Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Reaches New 1-Year Low – Here’s What Happened

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $2.50 and last traded at $2.53, with a volume of 501,332 shares changing hands. The stock had previously closed at $2.64.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Canaccord Genuity Group dropped their price objective on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from $45.00 to $34.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Weiss Ratings raised Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, October 21st. Canadian Imperial Bank of Commerce started coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Tuesday, July 28th. They set a “sector outperform” rating and a $22.00 target price on the stock. Royal Bank Of Canada initiated coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Monday, September 28th. They set an “outperform” rating and a $16.00 price target for the company. Finally, Morgan Stanley set a $3.75 price target on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares and gave the stock an “equal weight” rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Up 14.8%

The firm has a fifty day moving average price of $6.57. The stock has a market cap of $894.42 million, a price-to-earnings ratio of -7.00 and a beta of 15.25.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last announced its earnings results on Wednesday, August 5th. The quantum computing company reported ($0.14) earnings per share (EPS) for the quarter. The company had revenue of $1.51 million for the quarter. Sell-side analysts anticipate that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Hedge funds have recently made changes to their positions in the business. Tidal Investments LLC purchased a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the second quarter valued at $324,000. TD Waterhouse Canada Inc. lifted its position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% during the third quarter. TD Waterhouse Canada Inc. now owns 18,810 shares of the quantum computing company’s stock worth $84,000 after buying an additional 17,260 shares during the period. Finally, Apollon Wealth Management LLC purchased a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $57,000.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

Xanadu Quantum Technologies Limited is a Canadian quantum computing company focused on developing photonic quantum computers and the software needed to program and operate them. Its approach uses light-based quantum systems, which are designed to support scalable, networked quantum computing applications.

The company develops quantum hardware, cloud-accessible computing services and software tools for researchers, developers and businesses. Its technology portfolio includes photonic quantum processors and PennyLane, an open-source software library that enables users to build and run quantum machine-learning and quantum-computing applications across different hardware platforms.

Founded in 2016, Xanadu serves a global community of users through its software and cloud offerings, with applications spanning quantum research, machine learning, optimization and scientific computing.