Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading 5.5% Higher – Still a Buy?

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) traded up 5.5% on Wednesday . The stock traded as high as $25.88 and last traded at $24.7860. Approximately 89,084 shares traded hands during trading, a decline of 84% from the average session volume of 557,469 shares. The stock had previously closed at $23.50.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price for the company. 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, June 20th. Finally, 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. 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, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -12.11 and a beta of 0.11. The business has a 50-day moving average of $16.56.

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