Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Down 20.6% – Here’s What Happened

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares traded down 20.6% during trading on Monday . The stock traded as low as $11.62 and last traded at $12.0790. Approximately 241,000 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 458,762 shares. The stock had previously closed at $15.22.

Analyst Ratings Changes

Several equities research analysts recently issued reports on HQ shares. Needham & Company LLC initiated coverage on Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price target on the stock. Wall Street Zen raised shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Finally, Craig Hallum started coverage on shares of Horizon Quantum Computing Pte. in a research note on Monday, August 17th. They set a “buy” rating and a $21.00 target price for the company. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Horizon Quantum Computing Pte. has a consensus rating of “Hold” and a consensus price target of $20.50.

Horizon Quantum Computing Pte. Stock Performance

The company has a market capitalization of $539.73 million, a price-to-earnings ratio of -22.67 and a beta of 0.33. The company has a fifty day moving average of $16.83.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last issued its quarterly earnings data on Tuesday, August 4th. The quantum computing company reported ($0.13) 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.