Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Jumps 6.3% – Still a Buy?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU)’s stock price shot up 6.3% during mid-day trading on Tuesday. The stock traded as high as $2.74 and last traded at $2.72. 497,043 shares were traded during mid-day trading, a decline of 89% from the average session volume of 4,380,057 shares. The stock had previously closed at $2.56.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Canaccord Genuity Group decreased their price objective on 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 report on Thursday, August 6th. Morgan Stanley set a $3.75 target price on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Weiss Ratings upgraded shares of 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. Royal Bank Of Canada initiated coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research report on Monday, September 28th. They set an “outperform” rating and a $16.00 target price 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 report on Tuesday, July 28th. They issued a “sector outperform” rating and a $22.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares currently has an average rating of “Moderate Buy” and an average price target of $23.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Trading Up 9.2%

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 simple moving average is $6.42. The stock has a market capitalization of $976.56 million, a PE ratio of -7.64 and a beta of 15.25.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last issued its 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 during the quarter. On average, equities research analysts anticipate that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 EPS for the current year.

Institutional Investors Weigh In On Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Apollon Wealth Management LLC purchased a new position in Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the 3rd quarter worth approximately $57,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares by 1,113.5% during the 3rd 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 during the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the second quarter 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 focused on developing photonic quantum computers and the software needed to program and operate them. Its approach uses light-based quantum systems, which are designed to support scalable, networked quantum computing applications.

The company develops quantum hardware, cloud-accessible computing services and software tools for researchers, developers and businesses. Its technology portfolio includes photonic quantum processors and PennyLane, an open-source software library that enables users to build and run quantum machine-learning and quantum-computing applications across different hardware platforms.

Founded in 2016, Xanadu serves a global community of users through its software and cloud offerings, with applications spanning quantum research, machine learning, optimization and scientific computing.