Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 5.8% – Time to Sell?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) dropped 5.8% during mid-day trading on Monday . The company traded as low as $20.89 and last traded at $21.01. 127,429 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 546,339 shares. The stock had previously closed at $22.31.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wall Street Zen raised Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, June 17th. Finally, Needham & Company LLC assumed coverage on Horizon Quantum Computing Pte. in a research report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Horizon Quantum Computing Pte. has a consensus rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Trading Down 3.3%

The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -11.01 and a beta of 0.11. The firm has a fifty day moving average price of $18.49.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last posted its earnings results on Tuesday, May 5th. The quantum computing company reported ($0.09) 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.