Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Down 15.1% – Should You Sell?

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) dropped 15.1% during mid-day trading on Wednesday . The company traded as low as $29.00 and last traded at $28.3470. Approximately 188,488 shares traded hands during trading, a decline of 65% from the average daily volume of 537,742 shares. The stock had previously closed at $33.39.

Analysts Set New Price Targets

A number of analysts have commented on HQ shares. Needham & Company LLC started coverage on Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price objective for the company. Weiss Ratings upgraded Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. Finally, Wall Street Zen upgraded Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.00.

Horizon Quantum Computing Pte. Trading Down 11.0%

The stock has a 50-day simple moving average of $13.83. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -15.22 and a beta of 0.65.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last announced its earnings results on Tuesday, May 5th. The quantum computing company reported ($0.09) 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.