Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Shares Up 8.6% – Here’s What Happened

Shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) rose 8.6% during mid-day trading on Wednesday . The stock traded as high as $12.75 and last traded at $12.73. Approximately 805,353 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 5,740,224 shares. The stock had previously closed at $11.72.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Weiss Ratings assumed coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Thursday, April 16th. They issued a “sell (d-)” rating for the company. Zacks Research upgraded shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares to a “hold” rating in a report on Tuesday, April 21st. Canaccord Genuity Group assumed coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Thursday, April 23rd. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Northland Securities assumed coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Monday, April 20th. They issued an “outperform” rating and a $43.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares presently has an average rating of “Hold” and a consensus target price of $44.00.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Price Performance

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last released its earnings results on Thursday, May 14th. The quantum computing company reported ($0.28) earnings per share for the quarter. The business had revenue of $2.83 million for the quarter, compared to analysts’ expectations of $0.70 million. Equities analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.48 earnings per share for the current year.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

Xanadu Quantum Technologies Limited is a quantum computing company headquartered in Toronto, Canada, that develops photonics-based quantum hardware and software. The company focuses on building programmable photonic quantum processors that use light rather than superconducting qubits, and it provides cloud-based access to its systems for researchers and commercial users. Xanadu is publicly listed under the ticker XNDU on both Nasdaq and the Toronto Stock Exchange.

Its technology stack combines integrated photonic hardware, control systems, and software designed to support quantum algorithms and applications in areas such as optimization, simulation, and quantum machine learning.