Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Up 5.4% – Still a Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price traded up 5.4% during trading on Friday . The company traded as high as $23.00 and last traded at $22.0550. 58,684 shares changed hands during trading, a decline of 89% from the average daily volume of 544,835 shares. The stock had previously closed at $20.93.

Analyst Upgrades and Downgrades

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

Horizon Quantum Computing Pte. Trading Up 8.7%

The firm has a market cap of $1.17 billion, a P/E ratio of -11.60 and a beta of 0.11. The business’s 50-day simple moving average is $18.25.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last announced 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.