Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Shares Up 10.5% - Time to Buy?

Key Points

• XNDU rose 10.5% to $2.63 in Friday mid-day trading, while volume was 81% below its average.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $23.75, though individual targets and ratings vary widely.
• Xanadu reported a quarterly loss of $0.14 per share on $1.51 million in revenue; several institutional investors recently initiated or expanded positions.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) rose 10.5% during mid-day trading on Friday. The stock traded as high as $2.63 and last traded at $2.63. 813,448 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 4,383,325 shares. The stock had previously closed at $2.38.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on XNDU shares. Morgan Stanley initiated coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Thursday, October 15th. They set an "equal weight" rating and a $3.75 price target for the company. 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 issued a "sector outperform" rating and a $22.00 price objective on the stock. Canaccord Genuity Group reduced 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. Royal Bank Of Canada initiated coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Monday, September 28th. They issued an "outperform" rating and a $16.00 price objective on the stock. Finally, 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company 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 Stock Up 10.5%

The firm has a market capitalization of $800.11 million, a price-to-earnings ratio of -6.26 and a beta of 15.30. The business's 50-day moving average is $5.49 and its two-hundred day moving average is $11.34. 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The quantum computing company reported ($0.14) earnings per share (EPS) for the quarter. The company had revenue of $1.51 million for the quarter. On average, equities analysts anticipate that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Several institutional investors and hedge funds have recently made changes to their positions in the company. Lockheed Martin Investment Management Co. bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $10,575,000. Jefferies Financial Group Inc. acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter valued at about $826,000. Tidal Investments LLC acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the second quarter valued at about $324,000. TD Waterhouse Canada Inc. grew its stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% in the third quarter. TD Waterhouse Canada Inc. now owns 18,810 shares of the quantum computing company's stock valued at $84,000 after acquiring an additional 17,260 shares during the period. Finally, Apollon Wealth Management LLC bought a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter worth about $57,000.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

Xanadu Quantum Technologies Limited is a Canadian quantum computing company focused on developing photonic quantum computers and the software needed to program and operate them. Its approach uses light-based quantum systems, which are designed to support scalable, networked quantum computing applications.

The company develops quantum hardware, cloud-accessible computing services and software tools for researchers, developers and businesses. Its technology portfolio includes photonic quantum processors and PennyLane, an open-source software library that enables users to build and run quantum machine-learning and quantum-computing applications across different hardware platforms.

Founded in 2016, Xanadu serves a global community of users through its software and cloud offerings, with applications spanning quantum research, machine learning, optimization and scientific computing.

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