Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Up 8.8% – Time to Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price traded up 8.8% during trading on Wednesday . The stock traded as high as $13.68 and last traded at $13.5950. Approximately 38,301 shares were traded during trading, a decline of 92% from the average session volume of 499,453 shares. The stock had previously closed at $12.49.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HQ shares. Needham & Company LLC initiated coverage on Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price on the stock. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, June 17th. Finally, Wall Street Zen cut Horizon Quantum Computing Pte. from a “sell” rating to a “strong sell” rating in a report on Saturday. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Horizon Quantum Computing Pte. presently has an average rating of “Hold” and an average target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The stock has a market capitalization of $721.09 million, a price-to-earnings ratio of -7.13 and a beta of 0.30. The business’s 50-day simple moving average is $18.97.

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.