Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Up 10.9% – Time to Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price traded up 10.9% during trading on Monday . The stock traded as high as $12.95 and last traded at $13.3910. Approximately 41,640 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 519,850 shares. The stock had previously closed at $12.08.

Analyst Upgrades and Downgrades

HQ has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. Needham & Company LLC initiated coverage on shares of Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, 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. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Horizon Quantum Computing Pte. has a consensus rating of “Hold” and an average target price of $20.00.

Horizon Quantum Computing Pte. Stock Up 14.3%

The stock’s 50 day moving average price is $18.83. The firm has a market capitalization of $712.32 million, a price-to-earnings ratio of -7.04 and a beta of 0.31.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last issued its earnings results 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.