Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Up 8.8% – Time to Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares rose 8.8% on Wednesday . The company traded as high as $13.68 and last traded at $13.5950. Approximately 38,301 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 499,453 shares. The stock had previously closed at $12.49.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price target for the company. Weiss Ratings upgraded Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Finally, Wall Street Zen lowered Horizon Quantum Computing Pte. from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. 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, Horizon Quantum Computing Pte. has an average rating of “Hold” and an average price target of $20.00.

Horizon Quantum Computing Pte. Price Performance

The business’s 50 day moving average price is $19.11. The stock has a market cap of $859.81 million, a price-to-earnings ratio of -36.24 and a beta of 0.30.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last released its quarterly earnings data on Tuesday, August 4th. The quantum computing company reported ($0.13) 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.