Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Down 5.5% – Should You Sell?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ)’s stock price traded down 5.5% during mid-day trading on Tuesday . The stock traded as low as $10.65 and last traded at $10.5980. 34,033 shares were traded during trading, a decline of 83% from the average session volume of 201,628 shares. The stock had previously closed at $11.22.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings raised Horizon Quantum Computing Pte. from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, June 1st. Wall Street Zen downgraded shares of Horizon Quantum Computing Pte. to a “strong sell” rating in a research report on Saturday, May 23rd. Finally, Needham & Company LLC initiated coverage on shares of Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.00.

Horizon Quantum Computing Pte. Trading Down 6.6%

The stock has a fifty day simple moving average of $11.50. The stock has a market cap of $516.32 million, a PE ratio of -5.11 and a beta of 0.65.

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