Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Up 5.5% – Time to Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) traded up 5.5% during trading on Wednesday . The company traded as high as $25.88 and last traded at $24.7860. 89,084 shares changed hands during trading, a decline of 84% from the average daily volume of 557,469 shares. The stock had previously closed at $23.50.

Analysts Set New Price Targets

A number of research firms have weighed in on HQ. Wall Street Zen upgraded 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 raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note 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 for the company. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The company’s 50 day moving average is $17.08. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -12.28 and a beta of 0.11.

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