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

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ – Get Free Report)’s stock price was up 5.5% during mid-day trading on Wednesday . The stock traded as high as $25.88 and last traded at $24.7860. 89,084 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 557,469 shares. The stock had previously closed at $23.50.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on HQ. Wall Street Zen raised Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research 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 report on Wednesday, June 17th. Finally, Needham & Company LLC initiated coverage on Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.00.

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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 firm has a fifty day moving average price of $16.56.

Horizon Quantum Computing Pte. (NASDAQ:HQ – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The quantum computing company reported ($0.09) earnings per share for the quarter.

Horizon Quantum Computing Pte. Company Profile

(Get Free Report)

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.

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