Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Up 26.6% – Should You Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price shot up 26.6% during mid-day trading on Wednesday . The stock traded as high as $23.02 and last traded at $23.6820. Approximately 356,796 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 321,650 shares. The stock had previously closed at $18.70.

Wall Street Analyst Weigh In

A number of analysts recently commented on HQ shares. Wall Street Zen lowered Horizon Quantum Computing Pte. to a “strong sell” rating in a research note on Saturday, May 23rd. Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday. Finally, Needham & Company LLC began coverage on shares of Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.00.

Horizon Quantum Computing Pte. Price Performance

The stock’s fifty day simple moving average is $12.42. The firm has a market cap of $1.65 billion, a P/E ratio of -16.33 and a beta of 0.65.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last posted its quarterly earnings data on Tuesday, May 5th. The quantum computing company reported ($0.09) earnings per share (EPS) for the quarter.

About Horizon Quantum Computing Pte.

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.