Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Price Down 6.4% – Here’s What Happened

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) shares dropped 6.4% on Thursday. The stock traded as low as $4.91 and last traded at $4.99. Approximately 3,437,392 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 3,802,454 shares. The stock had previously closed at $5.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group decreased their price target 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 research note on Thursday, August 6th. Weiss Ratings cut shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 26th. Wall Street Zen upgraded 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. Finally, Canadian Imperial Bank of Commerce initiated 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 on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Performance

The company has a market cap of $1.52 billion, a PE ratio of -11.86 and a beta of 14.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 25.09 and a current ratio of 25.53. The firm has a fifty day moving average of $9.68.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last released its quarterly 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 during the quarter. As a group, equities analysts anticipate that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 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 bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 26,737 shares of the quantum computing company’s stock, valued at approximately $324,000.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Company Profile

Xanadu Quantum Technologies Limited is a Canadian quantum computing company focused on developing photonic quantum computers and the software needed to program and operate them. Its technology uses light-based quantum systems and is designed to support practical applications in areas such as materials science, drug discovery, optimization and financial modeling.

The company develops quantum hardware, including its Aurora and Borealis systems, and provides access to quantum computing through cloud-based services.