Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Down 7.7% – Here’s Why

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s share price was down 7.7% during mid-day trading on Monday. The company traded as low as $14.40 and last traded at $14.3850. 57,785 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 486,367 shares. The stock had previously closed at $15.59.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Craig Hallum initiated coverage on shares of Horizon Quantum Computing Pte. in a research note on Monday, August 17th. They issued a “buy” rating and a $21.00 price target on the stock. Needham & Company LLC assumed 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 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Horizon Quantum Computing Pte. in a report on Monday, September 14th. Finally, Wall Street Zen upgraded shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. 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 currently has an average rating of “Hold” and an average price target of $20.50.

Horizon Quantum Computing Pte. Price Performance

The company has a market capitalization of $736.05 million, a PE ratio of -31.02 and a beta of 0.33. The business’s fifty day simple moving average is $15.14.

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