Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Up 7.1% – Here’s Why

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shot up 7.1% during mid-day trading on Tuesday. The company traded as high as $17.24 and last traded at $17.1640. 132,906 shares changed hands during trading, a decline of 72% from the average daily volume of 471,015 shares. The stock had previously closed at $16.03.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HQ. Craig Hallum assumed coverage on Horizon Quantum Computing Pte. in a research report on Monday, August 17th. They issued a “buy” rating and a $21.00 price target for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Horizon Quantum Computing Pte. in a report on Monday, September 14th. Finally, Wall Street Zen raised shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.50.

Horizon Quantum Computing Pte. Stock Performance

The firm has a fifty day moving average price of $15.16. The firm has a market capitalization of $885.37 million, a P/E ratio of -37.28 and a beta of 0.34.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last announced 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.