2,308,892 Shares in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares $XNDU Purchased by Lockheed Martin Investment Management Co.

Key Points

• Lockheed Martin Investment Management Co. acquired 2,308,892 Xanadu shares in the third quarter, worth about $10.6 million. The stake represented 0.76% of Xanadu and was the firm’s 26th-largest portfolio holding.
• Other investors also reported buying or increasing positions. Analysts’ average rating was “Moderate Buy,” with an average price target of $23.75.
• Xanadu shares opened at $2.88, well below their 12-month high of $42.44, and the stock had a beta of 15.30, indicating substantial volatility.

Lockheed Martin Investment Management Co. bought a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,308,892 shares of the quantum computing company's stock, valued at approximately $10,575,000. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares accounts for about 0.8% of Lockheed Martin Investment Management Co.'s portfolio, making the stock its 26th biggest holding. Lockheed Martin Investment Management Co. owned 0.76% of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Apollon Wealth Management LLC bought a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter valued at $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 period. Finally, Tidal Investments LLC bought a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the second quarter worth $324,000.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Price Performance

Shares of NASDAQ:XNDU opened at $2.88 on Tuesday. The stock has a market cap of $876.15 million, a price-to-earnings ratio of -6.86 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. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares has a 12 month low of $2.34 and a 12 month high of $42.44. The stock's 50 day moving average price is $5.19 and its 200 day moving average price is $11.22.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on XNDU. Morgan Stanley started coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Thursday, October 15th. They issued an "equal weight" rating and a $3.75 price target for the company. Canaccord Genuity Group cut 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. Weiss Ratings upgraded 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. Canadian Imperial Bank of Commerce initiated coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Tuesday, July 28th. They issued a "sector outperform" rating and a $22.00 price objective for the company. Finally, Royal Bank Of Canada initiated 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 target price for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares currently has an average rating of "Moderate Buy" and an average price target of $23.75.

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.

Xanadu was founded in 2016 by physicist Christian Weedbrook, who serves as the company's chief executive officer.

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