Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Jumps 10.1% – Time to Buy?

Shares of Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) rose 10.1% on Friday. The company traded as high as $11.44 and last traded at $11.5640. 36,218 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 417,970 shares. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Horizon Quantum Computing Pte. in a report on Monday, September 14th. Finally, Craig Hallum initiated coverage on Horizon Quantum Computing Pte. in a report on Monday, August 17th. They issued a “buy” rating and a $21.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.50.

Horizon Quantum Computing Pte. Stock Performance

The firm has a market capitalization of $575.07 million, a price-to-earnings ratio of -24.18 and a beta of 0.37. The business’s 50-day moving average is $14.73 and its two-hundred day moving average is $15.44.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last released its quarterly earnings data 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.