Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Shares Gap Up – Should You Buy?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) gapped up prior to trading on Tuesday. The stock had previously closed at $4.52, but opened at $4.79. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares shares last traded at $4.78, with a volume of 3,123,234 shares traded.

Analyst Ratings Changes

Several brokerages have recently commented on XNDU. Canaccord Genuity Group reduced their price objective 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. Wall Street Zen upgraded 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. Canadian Imperial Bank of Commerce assumed coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Tuesday, July 28th. They set a “sector outperform” rating and a $22.00 price target on the stock. Weiss Ratings lowered Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 26th. Finally, Royal Bank Of Canada initiated coverage on 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. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares currently has a consensus rating of “Moderate Buy” and an average price target of $28.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Performance

The company has a market capitalization of $1.55 billion, a PE ratio of -12.17 and a beta of 15.25. 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’s 50-day moving average price is $8.94.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last released its quarterly earnings data on Wednesday, August 5th. The quantum computing company reported ($0.14) EPS for the quarter. The business had revenue of $1.51 million for the quarter. As a group, equities analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.54 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake 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) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 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.