Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Falls 6.7% - Here's Why

Key Points

• XNDU shares fell 6.7% to $4.72, with trading volume down 57% from the average session volume; the stock has a 50-day moving average of $8.84.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $28.75, despite recent target reductions and some sell ratings.
• Xanadu reported a quarterly loss of $0.14 per share on $1.51 million in revenue, while Tidal Investments established a new position of 26,737 shares valued at about $324,000.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report)'s share price were down 6.7% during trading on Wednesday. The stock traded as low as $4.68 and last traded at $4.72. 1,797,082 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 4,161,551 shares. The stock had previously closed at $5.06.

Analysts Set New Price Targets

XNDU has been the subject of a number of research reports. Canadian Imperial Bank of Commerce initiated 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 price objective for the company. Wall Street Zen raised shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a "strong sell" rating to a "sell" rating in a report on Saturday, June 20th. Royal Bank Of Canada assumed coverage on 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. Weiss Ratings downgraded Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, August 26th. Finally, Canaccord Genuity Group dropped their target price on shares of 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 research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares currently has a consensus rating of "Moderate Buy" and an average target price of $28.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Trading Down 9.7%

The firm's 50 day moving average price is $8.84. 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 $1.39 billion, a P/E ratio of -10.88 and a beta of 15.25.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Get Free Report) last posted its earnings results on Wednesday, August 5th. The quantum computing company reported ($0.14) earnings per share (EPS) for the quarter. The business had revenue of $1.51 million during the quarter. On average, analysts forecast that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock. Tidal Investments LLC bought a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,737 shares of the quantum computing company's stock, valued at approximately $324,000.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

Xanadu Quantum Technologies Limited is a Canadian quantum computing company that develops photonic quantum computers and the software tools used to program them. Its technology is designed to use light particles, or photons, to perform quantum computations and support applications across areas such as materials science, drug discovery, finance and artificial intelligence.

The company provides access to its quantum hardware through cloud-based services and develops PennyLane, an open-source software framework for quantum machine learning, quantum chemistry and quantum computing.

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