Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Down 8.2% – What’s Next?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price traded down 8.2% during trading on Friday . The company traded as low as $13.42 and last traded at $13.17. Approximately 99,243 shares traded hands during trading, a decline of 80% from the average session volume of 507,372 shares. The stock had previously closed at $14.35.

Wall Street Analysts Forecast Growth

HQ has been the subject of several recent analyst reports. Needham & Company LLC began coverage on shares of Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price for the company. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, June 17th. Finally, Wall Street Zen lowered Horizon Quantum Computing Pte. from a “sell” rating to a “strong sell” rating in a report on Saturday. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The firm has a market cap of $728.83 million, a price-to-earnings ratio of -7.21 and a beta of 0.30. The firm has a 50 day moving average price of $19.00.

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