Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Gap Up – Still a Buy?

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) gapped up prior to trading on Monday . The stock had previously closed at $32.00, but opened at $36.20. Horizon Quantum Computing Pte. shares last traded at $34.9060, with a volume of 359,173 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on HQ. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday. Wall Street Zen raised Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Needham & Company LLC began coverage on 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. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Trading Up 14.1%

The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -18.61 and a beta of 0.64. The company has a 50-day moving average price of $12.82.

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.

Horizon Quantum Computing Pte. Company Profile

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.