Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Down 10% – What’s Next?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price traded down 10% during trading on Thursday . The stock traded as low as $23.64 and last traded at $24.3160. Approximately 286,551 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 560,142 shares. The stock had previously closed at $27.03.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. 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. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. Finally, Needham & Company LLC assumed coverage on Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price target for the company. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Horizon Quantum Computing Pte. presently has an average rating of “Hold” and an average price target of $20.00.

Horizon Quantum Computing Pte. Price Performance

The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -12.28 and a beta of 0.65. The company has a 50 day moving average of $15.59.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last issued its quarterly earnings results on Tuesday, May 5th. The quantum computing company reported ($0.09) 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.