Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) Sees Large Growth in Short Interest

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) saw a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 815,505 shares, an increase of 120.3% from the June 15th total of 370,155 shares. Currently, 2.5% of the company’s shares are short sold. Based on an average trading volume of 2,044,449 shares, the days-to-cover ratio is currently 0.4 days.

Horizon Quantum Computing Pte. Trading Down 4.5%

NASDAQ:HQ traded down $0.98 on Thursday, reaching $20.93. The company’s stock had a trading volume of 335,696 shares, compared to its average volume of 551,392. Horizon Quantum Computing Pte. has a 1-year low of $8.29 and a 1-year high of $45.00. The stock’s 50-day moving average price is $18.03. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -10.68 and a beta of 0.11.

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

Wall Street Analyst Weigh In

HQ has been the topic of several recent analyst reports. Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, June 17th. Wall Street Zen raised shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Finally, Needham & Company LLC assumed coverage on shares of Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 target price on the stock. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $20.00.

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.