Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Price Down 7.5% – What’s Next?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU)’s stock price fell 7.5% on Friday. The stock traded as low as $3.09 and last traded at $3.09. Approximately 1,613,824 shares traded hands during trading, a decline of 63% from the average session volume of 4,328,065 shares. The stock had previously closed at $3.34.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada started coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Monday, September 28th. They issued an “outperform” rating and a $16.00 price target for the company. Weiss Ratings lowered shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 26th. Wall Street Zen upgraded shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Morgan Stanley set a $3.75 target price on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Canadian Imperial Bank of Commerce started coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Tuesday, July 28th. They set a “sector outperform” rating and a $22.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares presently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Trading Down 8.1%

The firm has a market cap of $933.97 million, a price-to-earnings ratio of -7.31 and a beta of 15.25. The firm’s fifty day simple moving average is $7.84. The company has a debt-to-equity ratio of 0.10, a quick ratio of 25.09 and a current ratio of 25.53.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last released its quarterly earnings results on Wednesday, August 5th. The quantum computing company reported ($0.14) EPS for the quarter. The firm had revenue of $1.51 million for the quarter. Research analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock. Tidal Investments LLC bought a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,737 shares of the quantum computing company’s stock, valued at approximately $324,000.

About Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Xanadu Quantum Technologies Limited is a Canadian quantum computing company that develops photonic quantum computers and the software tools used to program them. Its technology is designed to use light particles, or photons, to perform quantum computations and support applications across areas such as materials science, drug discovery, finance and artificial intelligence.

The company provides access to its quantum hardware through cloud-based services and develops PennyLane, an open-source software framework for quantum machine learning, quantum chemistry and quantum computing.