Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Down 5.4% – Here’s What Happened

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) fell 5.4% on Wednesday . The stock traded as low as $13.84 and last traded at $13.7950. 45,439 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 473,936 shares. The stock had previously closed at $14.59.

Wall Street Analyst Weigh In

HQ has been the subject of several research analyst reports. Needham & Company LLC initiated coverage on shares of Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 target price for the company. 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. Craig Hallum began coverage on shares of 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. Finally, Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Horizon Quantum Computing Pte. Stock Down 6.7%

The firm has a market cap of $702.26 million, a PE ratio of -29.63 and a beta of 0.33. The company has a fifty day moving average of $18.36.

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