Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) Stock Jumps 10.5% – Time to Buy?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU)’s stock price traded up 10.5% on Friday. The stock traded as high as $2.63 and last traded at $2.63. 813,448 shares changed hands during trading, a decline of 81% from the average daily volume of 4,383,325 shares. The stock had previously closed at $2.38.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank Of Canada started coverage on Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Monday, September 28th. They set an “outperform” rating and a $16.00 target price for the company. Canadian Imperial Bank of Commerce initiated coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a research note on Tuesday, July 28th. They issued a “sector outperform” rating and a $22.00 price target on the stock. 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. Morgan Stanley assumed coverage on shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in a report on Thursday, October 15th. They issued an “equal weight” rating and a $3.75 price target for the company. Finally, Weiss Ratings raised shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 21st. One 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 given a Sell rating to the company. According to data from MarketBeat.com, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares has an average rating of “Moderate Buy” and an average target price of $23.75.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Trading Up 10.5%

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 has a market capitalization of $800.11 million, a P/E ratio of -6.26 and a beta of 15.30. The business has a fifty day moving average price of $5.49 and a 200 day moving average price of $11.34.

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (NASDAQ:XNDU) last posted its quarterly earnings data on Wednesday, August 5th. The quantum computing company reported ($0.14) earnings per share (EPS) for the quarter. The company had revenue of $1.51 million during the quarter. On average, analysts expect that Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares will post -0.47 earnings per share for the current fiscal year.

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

A number of large investors have recently bought and sold shares of the company. Lockheed Martin Investment Management Co. bought a new position in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares during the 3rd quarter worth approximately $10,575,000. Jefferies Financial Group Inc. acquired a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter valued at approximately $826,000. Tidal Investments LLC acquired a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the second quarter valued at approximately $324,000. TD Waterhouse Canada Inc. lifted its position in shares of 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. Finally, Apollon Wealth Management LLC bought a new stake in shares of Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares in the third quarter worth $57,000.

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.