Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Shares Down 6.7% – Here’s Why

Shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) traded down 6.7% during trading on Wednesday. The company traded as low as $4.68 and last traded at $4.72. 1,797,082 shares changed hands during trading, a decline of 57% from the average daily volume of 4,161,551 shares. The stock had previously closed at $5.06.

Analyst Upgrades and Downgrades

XNDU has been the subject of a number of recent research reports. 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. Weiss Ratings lowered shares of 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. Canaccord Genuity Group cut their price target on 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 assumed 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, Canadian Imperial Bank of Commerce started coverage on shares of 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 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares presently has an average rating of “Moderate Buy” and an average price target of $28.75.

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

The stock has a market capitalization of $1.39 billion, a P/E ratio of -10.88 and a beta of 15.25. The firm has a 50-day moving average of $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.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last posted 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. On average, sell-side analysts anticipate that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.54 EPS for the current fiscal year.

Institutional Trading of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

A hedge fund recently bought a new stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock. Tidal Investments LLC acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 26,737 shares of the quantum computing company’s stock, valued at approximately $324,000.

About Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

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.