Horizon Quantum Computing Pte. (NASDAQ:HQ) Stock Price Down 5.8% – Here’s What Happened

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares fell 5.8% during mid-day trading on Monday . The company traded as low as $20.89 and last traded at $21.01. 127,429 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 546,339 shares. The stock had previously closed at $22.31.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on HQ shares. Wall Street Zen raised shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Needham & Company LLC started coverage on shares of Horizon Quantum Computing Pte. in a report on Wednesday, June 3rd. They set a “buy” rating and a $20.00 price objective for the company. Finally, Weiss Ratings raised shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.00.

Horizon Quantum Computing Pte. Stock Down 3.3%

The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -11.01 and a beta of 0.11. The company’s 50-day moving average is $18.49.

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