Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 19.4% – Should You Sell?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares traded down 19.4% during mid-day trading on Thursday. The company traded as low as $10.76 and last traded at $10.38. 94,420 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 419,828 shares. The stock had previously closed at $12.88.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Craig Hallum began coverage on Horizon Quantum Computing Pte. in a report on Monday, August 17th. They set a “buy” rating and a $21.00 target price on the stock. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Horizon Quantum Computing Pte. in a research report on Monday, September 14th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Horizon Quantum Computing Pte. has a consensus rating of “Hold” and an average target price of $20.50.

Horizon Quantum Computing Pte. Stock Up 9.0%

The company has a market capitalization of $590.05 million, a price-to-earnings ratio of -24.87 and a beta of 0.37. The business has a 50-day moving average price of $14.63 and a 200-day moving average price of $15.42.

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