Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 5.4% – Here’s What Happened

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares traded down 5.4% on Wednesday . The stock traded as low as $13.84 and last traded at $13.7950. Approximately 45,439 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 473,936 shares. The stock had previously closed at $14.59.

Wall Street Analysts Forecast Growth

HQ has been the topic of several research reports. Needham & Company LLC began coverage on shares of Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price target on the stock. 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. Craig Hallum initiated coverage on shares of Horizon Quantum Computing Pte. in a report on Monday, August 17th. They set a “buy” rating and a $21.00 target price on the stock. Finally, Wall Street Zen upgraded Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.50.

Horizon Quantum Computing Pte. Price Performance

The stock’s fifty day simple moving average is $18.36. The stock has a market capitalization of $702.26 million, a PE ratio of -29.63 and a beta of 0.33.

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