Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Down 10% – Here’s What Happened

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) traded down 10% during mid-day trading on Thursday . The company traded as low as $23.64 and last traded at $24.3160. 286,551 shares were traded during trading, a decline of 49% from the average daily volume of 560,142 shares. The stock had previously closed at $27.03.

Analyst Upgrades and Downgrades

HQ has been the topic of several research analyst reports. Wall Street Zen raised Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Finally, Needham & Company LLC began coverage on Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 target price on the stock. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Horizon Quantum Computing Pte. has a consensus rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The business’s fifty day simple moving average is $16.06. The stock has a market cap of $1.23 billion, a P/E ratio of -12.13 and a beta of 0.11.

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