Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Up 10.8% – Here’s Why

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) traded up 10.8% on Tuesday . The company traded as high as $25.93 and last traded at $26.0440. 338,286 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 554,254 shares. The stock had previously closed at $23.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on HQ shares. Wall Street Zen upgraded Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Needham & Company LLC assumed coverage on Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Horizon Quantum Computing Pte. has an average rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The company has a market cap of $1.36 billion, a price-to-earnings ratio of -13.60 and a beta of 0.64. The stock’s 50 day moving average price is $14.99.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last issued its quarterly earnings data on Tuesday, May 5th. The quantum computing company reported ($0.09) earnings per share (EPS) for the quarter.

About Horizon Quantum Computing Pte.

Horizon Quantum Holdings Ltd. is a quantum software infrastructure company focused on tools and systems that help developers build and deploy quantum applications. The company emphasizes software, algorithms, and workflow infrastructure intended to support practical quantum and hybrid quantum-classical use cases.

Horizon Quantum became a public company through its business combination with dMY Squared Technology Group, Inc (DMYY), which was formed to take a private company public through a business combination.