Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Up 7.7% – What’s Next?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price shot up 7.7% during mid-day trading on Friday . The company traded as high as $18.92 and last traded at $18.74. Approximately 76,489 shares were traded during trading, a decline of 84% from the average session volume of 482,743 shares. The stock had previously closed at $17.40.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wall Street Zen lowered Horizon Quantum Computing Pte. from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Needham & Company LLC began coverage on Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price target for the company. Finally, Craig Hallum assumed coverage on Horizon Quantum Computing Pte. in a report on Monday. They issued a “buy” rating and a $21.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Horizon Quantum Computing Pte. currently has an average rating of “Hold” and a consensus target price of $20.50.

Horizon Quantum Computing Pte. Stock Up 7.2%

The company has a fifty day moving average of $19.75. The firm has a market capitalization of $962.48 million, a P/E ratio of -40.57 and a beta of 0.30.

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.

About Horizon Quantum Computing Pte.

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.