Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Short Interest Rises 46.6%

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 7,221,889 shares, an increase of 46.6% from the August 31st total of 4,926,691 shares. Based on an average daily volume of 1,637,429 shares, the days-to-cover ratio is presently 4.4 days. Currently, 2.4% of the company’s shares are sold short.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Stock Performance

Shares of NASDAQ:XNDU opened at $4.58 on Thursday. The business’s 50-day moving average price is $9.30. The stock has a market cap of $1.39 billion, a PE ratio of -10.90 and a beta of 14.82. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares has a 1 year low of $4.56 and a 1 year high of $42.44. 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 quarterly earnings results on Wednesday, August 5th. The quantum computing company reported ($0.14) EPS for the quarter. The company had revenue of $1.51 million for the quarter. Analysts predict that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.54 earnings per share for the current year.

Hedge Funds Weigh In On Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

A hedge fund recently bought a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares stock. Tidal Investments LLC bought a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 26,737 shares of the quantum computing company’s stock, valued at approximately $324,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on XNDU shares. Canaccord Genuity Group cut 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. 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 research note on Saturday, June 20th. Weiss Ratings downgraded 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. Canadian Imperial Bank of Commerce assumed 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 on the stock. Finally, Royal Bank Of Canada began coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Monday. They issued an “outperform” rating and a $16.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.75.

About Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

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.