Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Hits New 1-Year Low After Analyst Downgrade

Key Points

• Xanadu shares hit a new 52-week low, trading as low as $2.27 after Royal Bank of Canada cut its price target to $13 while maintaining an outperform rating.
• Despite the decline, analysts’ consensus rating is Moderate Buy, with an average price target of $23.15; ratings range from Strong Buy to Sell.
• The company reported a quarterly loss of $0.11 per share, missing the $0.09 loss analysts expected, and revenue of $1.31 million.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) reached a new 52-week low during mid-day trading on Friday after Royal Bank Of Canada lowered their price target on the stock to $13.00. Royal Bank Of Canada currently has an outperform rating on the stock. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares traded as low as $2.27 and last traded at $2.33, with a volume of 1,553,640 shares. The stock had previously closed at $2.52.

A number of other brokerages have also recently weighed in on XNDU. Morgan Stanley began coverage on shares of 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 for the company. 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 report on Wednesday, October 21st. 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 report on Thursday, August 6th. Finally, Canadian Imperial Bank of Commerce started coverage on shares of 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 target price on the stock. 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.15.

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

Several large investors have recently bought and sold shares of XNDU. Cibc World Market Inc. purchased a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter valued at approximately $272,000. Jefferies Financial Group Inc. acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter valued at $826,000. Lockheed Martin Investment Management Co. purchased a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $10,575,000. Apollon Wealth Management LLC bought a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter valued at about $57,000. Finally, TD Waterhouse Canada Inc. lifted its stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% in 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.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Down 9.9%

The company has a quick ratio of 25.09, a current ratio of 25.53 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $690.58 million, a PE ratio of -5.40 and a beta of 15.30. The business's 50 day simple moving average is $4.74 and its 200 day simple moving average is $11.05.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) last announced its quarterly 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 during the quarter. As a group, analysts forecast that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 EPS for the current year.

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.

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