Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Price Target Cut to $13.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered its price target to $13 but maintained an “outperform” rating, implying 398.08% upside from the prior close.
• Analysts’ consensus view is “Moderate Buy,” with an average price target of $23.15; ratings range from Strong Buy to Sell.
• Xanadu shares traded at $2.61, near their one-year low of $2.34, and the company reported a quarterly loss of $0.11 per share, missing estimates of a $0.09 loss.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) had its target price decreased by Royal Bank Of Canada to $13.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the quantum computing company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 398.08% from the company's previous close.

A number of other research firms have also weighed in on XNDU. Weiss Ratings raised shares of 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. Morgan Stanley started coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Thursday, October 15th. They issued an "equal weight" rating and a $3.75 price objective for the company. Canaccord Genuity Group lowered their target price on 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 report on Thursday, August 6th. Finally, 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 price target on the stock. One equities research 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 assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $23.15.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Price Performance

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock traded down $0.19 during mid-day trading on Thursday, hitting $2.61. 1,419,947 shares of the company traded hands, compared to its average volume of 4,396,012. 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 has a one year low of $2.34 and a one year high of $42.44. The stock has a fifty day moving average price of $4.89 and a 200-day moving average price of $11.11. The stock has a market cap of $794.02 million, a price-to-earnings ratio of -6.21 and a beta of 15.30.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) last released its quarterly earnings data on Wednesday, November 11th. The quantum computing company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). The firm had revenue of $1.31 million during the quarter. On average, equities analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Lockheed Martin Investment Management Co. purchased a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter valued at approximately $10,575,000. Jefferies Financial Group Inc. acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter valued at $826,000. Cibc World Market Inc. purchased a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter worth $272,000. Tidal Investments LLC purchased a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 2nd quarter worth $324,000. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of 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 purchasing an additional 17,260 shares during the last quarter.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.