Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Up 7.7% – Should You Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares traded up 7.7% on Friday . The stock traded as high as $18.92 and last traded at $18.74. Approximately 76,489 shares were traded during trading, a decline of 84% from the average session volume of 482,743 shares. The stock had previously closed at $17.40.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HQ. Weiss Ratings upgraded shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Craig Hallum initiated coverage on shares of Horizon Quantum Computing Pte. in a report on Monday. They set a “buy” rating and a $21.00 price target for the company. Needham & Company LLC assumed coverage on shares of Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price target on the stock. Finally, Wall Street Zen cut shares of Horizon Quantum Computing Pte. from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.50.

Horizon Quantum Computing Pte. Trading Up 7.2%

The firm has a market capitalization of $962.48 million, a P/E ratio of -40.57 and a beta of 0.30. The firm has a fifty day simple moving average of $19.75.

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