Horizon Quantum Computing Pte. (NASDAQ:HQ) Reaches New 1-Year High – Still a Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $45.00 and last traded at $38.39, with a volume of 2336208 shares. The stock had previously closed at $32.00.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC began coverage on shares of Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price objective for the company. Wall Street Zen raised Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings upgraded Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. One investment 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, Horizon Quantum Computing Pte. currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Stock Up 20.0%

The company has a market capitalization of $1.98 billion, a PE ratio of -19.59 and a beta of 0.65. The business’s fifty day simple moving average is $13.34.

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