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

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on HQ. Weiss Ratings upgraded Horizon Quantum Computing Pte. from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, June 1st. Needham & Company LLC began 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 target on the stock. Finally, Wall Street Zen downgraded shares of Horizon Quantum Computing Pte. to a “strong sell” rating in a research note on Saturday, May 23rd. One equities research analyst has 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 company presently has a consensus rating of “Hold” and a consensus price target of $20.00.

Horizon Quantum Computing Pte. Trading Down 4.4%

The company has a market capitalization of $553.14 million, a PE ratio of -5.47 and a beta of 0.64.

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.