Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 15.1% – Should You Sell?

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) traded down 15.1% during mid-day trading on Wednesday . The stock traded as low as $29.00 and last traded at $28.3470. Approximately 188,488 shares traded hands during trading, a decline of 65% from the average daily volume of 537,742 shares. The stock had previously closed at $33.39.

Analyst Ratings Changes

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

Horizon Quantum Computing Pte. Trading Down 11.0%

The firm has a market cap of $1.53 billion, a PE ratio of -15.22 and a beta of 0.65. The business has a 50-day moving average price of $13.83.

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

Horizon Quantum Computing Pte. Company Profile

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.