Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Xanadu Quantum Technologies to “Strong Sell” from “Sell.” Despite the move, MarketBeat reports an overall “Moderate Buy” consensus rating and an average analyst price target of $23.15.
• XNDU opened at $2.29, close to its 52-week low of $2.21 and far below its 52-week high of $42.44.
• Xanadu reported a quarterly loss of $0.11 per share, missing the consensus estimate of a $0.09 loss, on revenue of $1.31 million.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently commented on XNDU. Morgan Stanley initiated coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Thursday, October 15th. They set an "equal weight" rating and a $3.75 price objective for the company. 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. Canaccord Genuity Group reduced their target price on 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 report on Thursday, August 6th. Canadian Imperial Bank of Commerce started coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Tuesday, July 28th. They set a "sector outperform" rating and a $22.00 target price for the company. Finally, Royal Bank Of Canada lowered their price target on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares to $13.00 and set an "outperform" rating for the company in a research note on Thursday. 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 issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $23.15.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Performance

XNDU opened at $2.29 on Friday. The company has a fifty day moving average price of $4.58 and a two-hundred day moving average price of $10.99. The company has a quick ratio of 25.09, a current ratio of 25.53 and a debt-to-equity ratio of 0.10. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares has a 52 week low of $2.21 and a 52 week high of $42.44.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) last issued its earnings results on Wednesday, November 11th. The quantum computing company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $1.31 million for the quarter. On average, sell-side analysts forecast that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Apollon Wealth Management LLC acquired a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter valued at approximately $57,000. TD Waterhouse Canada Inc. boosted its position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 18,810 shares of the quantum computing company's stock worth $84,000 after acquiring an additional 17,260 shares during the last quarter. Tidal Investments LLC acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 2nd quarter worth approximately $324,000. Cibc World Market Inc. acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter worth approximately $272,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter worth approximately $826,000.

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.