Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Gets Price Target Cut from Royal Bank Of Canada

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) had its price objective dropped by equities researchers at Royal Bank Of Canada to $13.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the quantum computing company’s stock. Royal Bank Of Canada‘s price objective would indicate a potential upside of 398.08% from the stock’s current price.

XNDU has been the subject of several other research reports. Morgan Stanley began coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Thursday, October 15th. They issued an “equal weight” rating and a $3.75 target price for the company. Canadian Imperial Bank of Commerce assumed coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Tuesday, July 28th. They set a “sector outperform” rating and a $22.00 price objective on the stock. 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. 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 on the stock in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.15.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Trading Down 6.8%

NASDAQ:XNDU traded down $0.19 during trading hours on Thursday, reaching $2.61. 1,419,947 shares of the company were exchanged, compared to its average volume of 4,396,012. The company has a debt-to-equity ratio of 0.10, a current ratio of 25.53 and a quick ratio of 25.09. The stock has a 50 day simple moving average of $4.89 and a 200 day simple moving average of $11.11. The firm has a market cap of $794.02 million, a price-to-earnings ratio of -6.21 and a beta of 15.30. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares has a 52-week low of $2.34 and a 52-week high of $42.44.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last posted its quarterly earnings data on Wednesday, November 11th. The quantum computing company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $1.31 million for the quarter. As a group, analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 EPS for the current year.

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

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Lockheed Martin Investment Management Co. purchased a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter worth about $10,575,000. Jefferies Financial Group Inc. acquired a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter worth about $826,000. Cibc World Market Inc. acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter valued at approximately $272,000. Tidal Investments LLC acquired a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the second quarter valued at approximately $324,000. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% during the 3rd 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 last quarter.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

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.