Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Shares Gap Down After Earnings Miss

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $2.80, but opened at $2.57. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares shares last traded at $2.61, with a volume of 1,419,947 shares.

The quantum computing company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $1.31 million during the quarter.

Analyst Ratings Changes

XNDU has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Thursday, October 15th. They set an “equal weight” rating and a $3.75 target price on the stock. 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. Royal Bank Of Canada cut their price target on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares to $13.00 and set an “outperform” rating on the stock in a research report on Thursday. Canadian Imperial Bank of Commerce assumed coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Tuesday, July 28th. They issued a “sector outperform” rating and a $22.00 price target on the stock. Finally, Canaccord Genuity Group reduced 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 on the stock in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.15.

Institutional Trading of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Large investors have recently made changes to their positions in the company. Cibc World Market Inc. bought a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter valued at $272,000. Jefferies Financial Group Inc. bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $826,000. Lockheed Martin Investment Management Co. bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $10,575,000. Apollon Wealth Management LLC acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter valued at about $57,000. Finally, TD Waterhouse Canada Inc. grew its stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% in the third quarter. TD Waterhouse Canada Inc. now owns 18,810 shares of the quantum computing company’s stock valued at $84,000 after acquiring an additional 17,260 shares during the period.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Trading Down 6.8%

The business has a 50 day simple moving average of $4.89 and a 200-day simple moving average of $11.11. The stock has a market capitalization of $794.02 million, a price-to-earnings ratio of -6.21 and a beta of 15.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 25.53 and a quick ratio of 25.09.

About Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Xanadu Quantum Technologies Limited is a Canadian quantum computing company that develops quantum computers based on photonics, using particles of light to process information. Its work includes building quantum hardware and developing software intended to help researchers and businesses create and run quantum applications. The company also develops PennyLane, an open-source software library for quantum computing and quantum machine learning. Xanadu has made quantum computing tools and hardware available through cloud-based services, supporting users beyond its home base in Toronto, Canada.