Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Down 5.2% – Here’s Why

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price traded down 5.2% during mid-day trading on Tuesday . The company traded as low as $20.32 and last traded at $20.2650. 99,314 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 551,863 shares. The stock had previously closed at $21.38.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on HQ shares. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a report 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 started coverage on shares of 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The business’s fifty day moving average is $17.57. The firm has a market capitalization of $1.04 billion, a P/E ratio of -10.23 and a beta of 0.11.

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