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

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) had its price objective decreased by Royal Bank Of Canada to $13.00 in a research report sent to investors on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the quantum computing company’s stock.

Several other brokerages also recently weighed in on XNDU. Canadian Imperial Bank of Commerce initiated coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Tuesday, July 28th. They issued a “sector outperform” rating and a $22.00 target price for the company. Canaccord Genuity Group dropped their target price 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 report on Thursday, August 6th. Weiss Ratings upgraded 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, Morgan Stanley initiated coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Thursday, October 15th. They set an “equal weight” rating and a $3.75 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.15.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Down 9.1%

Shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock opened at $2.29 on Thursday. The company has a fifty day moving average price of $4.58 and a 200 day moving average price of $10.99. The company has a current ratio of 25.53, a quick ratio of 25.09 and a debt-to-equity ratio of 0.10. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares has a twelve month low of $2.21 and a twelve month high of $42.44. The stock has a market cap of $696.66 million, a price-to-earnings ratio of -5.45 and a beta of 15.30.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last announced its quarterly earnings results on Wednesday, November 11th. The quantum computing company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $1.31 million during the quarter. Equities research analysts forecast that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Cibc World Market Inc. acquired a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter valued at about $272,000. Jefferies Financial Group Inc. bought a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $826,000. Lockheed Martin Investment Management Co. bought a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the third quarter worth about $10,575,000. Apollon Wealth Management LLC acquired a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter worth about $57,000. Finally, TD Waterhouse Canada Inc. grew its stake in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% in the third quarter. TD Waterhouse Canada Inc. now owns 18,810 shares of the quantum computing company’s stock worth $84,000 after purchasing an additional 17,260 shares in 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.