Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading 11% Higher – Still a Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares were up 11% during mid-day trading on Monday . The stock traded as high as $11.58 and last traded at $11.6650. Approximately 108,090 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 203,236 shares. The stock had previously closed at $10.51.

Analysts Set New Price Targets

Several analysts have commented on HQ shares. Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e-)” rating to a “sell (e)” rating in a research report 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 began coverage on shares of Horizon Quantum Computing Pte. in a research note on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price objective for the company. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Horizon Quantum Computing Pte. currently has an average rating of “Hold” and an average target price of $20.00.

Horizon Quantum Computing Pte. Stock Down 0.0%

The business’s 50-day moving average price is $11.53. The firm has a market capitalization of $552.73 million, a P/E ratio of -5.40 and a beta of 0.65.

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