Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Down 15.1% – Here’s What Happened

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares traded down 15.1% during mid-day trading on Wednesday . The stock traded as low as $29.00 and last traded at $28.3470. 188,488 shares were traded during trading, a decline of 65% from the average daily volume of 537,742 shares. The stock had previously closed at $33.39.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on HQ shares. Wall Street Zen upgraded shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings upgraded shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, June 17th. Finally, Needham & Company LLC started 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 target for the company. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.00.

Horizon Quantum Computing Pte. Stock Down 8.8%

The company has a market cap of $1.34 billion, a price-to-earnings ratio of -13.22 and a beta of 0.65. The company has a 50-day moving average of $14.53.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last released its quarterly earnings data 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.