Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 8.2% – Should You Sell?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price fell 8.2% during trading on Friday . The company traded as low as $13.42 and last traded at $13.17. Approximately 99,243 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 507,372 shares. The stock had previously closed at $14.35.

Wall Street Analysts Forecast Growth

Several brokerages have commented on HQ. Wall Street Zen raised shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Weiss Ratings upgraded 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 initiated coverage on Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Horizon Quantum Computing Pte. has an average rating of “Hold” and an average target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The firm has a market cap of $674.67 million, a price-to-earnings ratio of -6.67 and a beta of 0.30. The stock’s 50 day simple moving average is $18.98.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last posted its earnings results on Tuesday, August 4th. The quantum computing company reported ($0.13) earnings per share 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.