Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Down 20.6% – What’s Next?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price dropped 20.6% during mid-day trading on Monday . The company traded as low as $11.62 and last traded at $12.0790. 241,000 shares traded hands during trading, a decline of 47% from the average daily volume of 458,762 shares. The stock had previously closed at $15.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on HQ shares. Craig Hallum started coverage on shares of Horizon Quantum Computing Pte. in a research note on Monday, August 17th. They issued a “buy” rating and a $21.00 price target on the stock. Wall Street Zen upgraded Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. Finally, Needham & Company LLC assumed coverage on Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price on the stock. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Horizon Quantum Computing Pte. has an average rating of “Hold” and an average price target of $20.50.

Horizon Quantum Computing Pte. Price Performance

The company has a market cap of $539.73 million, a P/E ratio of -22.67 and a beta of 0.33. The company has a 50-day moving average price of $16.83.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last issued its quarterly earnings results 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.