Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Sets New 1-Year Low – Here’s What Happened

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) hit a new 52-week low during trading on Monday. The company traded as low as $2.50 and last traded at $2.53, with a volume of 501,332 shares trading hands. The stock had previously closed at $2.64.

Wall Street Analysts Forecast Growth

XNDU has been the subject of several recent research reports. 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 report on Thursday, August 6th. Morgan Stanley set a $3.75 price target on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares and gave the company an “equal weight” rating in a report on Thursday, October 15th. 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 report on Wednesday. Royal Bank Of Canada began coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Monday, September 28th. They set an “outperform” rating and a $16.00 price objective for the company. Finally, 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 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Price Performance

The company has a current ratio of 25.53, a quick ratio of 25.09 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $803.14 million, a price-to-earnings ratio of -6.29 and a beta of 15.25. The company’s 50 day simple moving average is $6.88.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last announced its earnings results on Wednesday, August 5th. The quantum computing company reported ($0.14) earnings per share for the quarter. The company had revenue of $1.51 million for the quarter. Research analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Hedge funds and other institutional investors have recently modified their holdings of the company. Apollon Wealth Management LLC purchased a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third 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 third 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. Finally, Tidal Investments LLC acquired a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the second quarter worth approximately $324,000.

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.