Horizon Quantum Computing Pte. (NASDAQ:HQ) Shares Gap Up – Still a Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) gapped up prior to trading on Monday . The stock had previously closed at $32.00, but opened at $36.20. Horizon Quantum Computing Pte. shares last traded at $34.9060, with a volume of 359,173 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research note on Saturday. Weiss Ratings upgraded Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday. Finally, Needham & Company LLC began coverage on Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.00.

Horizon Quantum Computing Pte. Stock Performance

The firm has a market capitalization of $1.88 billion, a PE ratio of -18.61 and a beta of 0.64. The stock’s fifty day simple moving average is $12.82.

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