Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading 16.6% Higher – What’s Next?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price shot up 16.6% during trading on Monday . The company traded as high as $13.70 and last traded at $13.64. Approximately 48,444 shares were traded during trading, a decline of 91% from the average session volume of 533,638 shares. The stock had previously closed at $11.70.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HQ. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Wall Street Zen upgraded Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Finally, Needham & Company LLC initiated coverage on shares of Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 target price for the company. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.00.

Horizon Quantum Computing Pte. Stock Down 5.9%

The company has a market cap of $602.97 million, a price-to-earnings ratio of -5.96 and a beta of 0.11. The company’s 50-day moving average is $18.84.

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