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

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price dropped 19.4% during mid-day trading on Thursday. The stock 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.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on HQ shares. Craig Hallum started coverage on Horizon Quantum Computing Pte. in a research report on Monday, August 17th. They set a “buy” rating and a $21.00 price objective 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. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Horizon Quantum Computing Pte. in a report on Monday, September 14th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Horizon Quantum Computing Pte. Trading Down 18.0%

The company has a market cap of $544.68 million, a PE ratio of -22.96 and a beta of 0.37. The business’s 50-day simple moving average is $14.87 and its 200-day simple moving average is $15.48.

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