Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Down 20.6% – Here’s Why

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares dropped 20.6% on Monday . The company traded as low as $11.62 and last traded at $12.0790. Approximately 241,000 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 458,762 shares. The stock had previously closed at $15.22.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on HQ. 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. Craig Hallum began coverage on shares of Horizon Quantum Computing Pte. in a research report on Monday, August 17th. They issued a “buy” rating and a $21.00 target price on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Horizon Quantum Computing Pte. in a research note on Monday. Finally, Wall Street Zen upgraded shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Horizon Quantum Computing Pte. currently has an average rating of “Hold” and an average target price of $20.50.

Horizon Quantum Computing Pte. Stock Up 27.7%

The firm has a market cap of $680.86 million, a price-to-earnings ratio of -28.70 and a beta of 0.33. The business has a 50-day moving average of $16.35.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last announced its quarterly earnings results on Tuesday, August 4th. The quantum computing company reported ($0.13) earnings per share (EPS) 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.