Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 5.4% – Time to Sell?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares dropped 5.4% during mid-day trading on Wednesday . The stock traded as low as $13.84 and last traded at $13.7950. 45,439 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 473,936 shares. The stock had previously closed at $14.59.

Wall Street Analyst Weigh In

HQ has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Craig Hallum started 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 initiated coverage on shares of Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, June 17th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.50.

Horizon Quantum Computing Pte. Stock Performance

The firm’s fifty day simple moving average is $17.94. The stock has a market cap of $814.45 million, a PE ratio of -34.33 and a beta of 0.33.

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