Horizon Quantum Computing Pte. (NASDAQ:HQ) Trading Up 7.7% – Should You Buy?

Horizon Quantum Computing Pte. Ltd. (NASDAQ:HQ) shares shot up 7.7% on Friday . The company traded as high as $18.92 and last traded at $18.74. 76,489 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 482,743 shares. The stock had previously closed at $17.40.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Horizon Quantum Computing Pte. from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings upgraded shares of Horizon Quantum Computing Pte. from a “sell (e)” rating to a “sell (e+)” rating in a research report on Wednesday, June 17th. Needham & Company LLC started 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 target price on the stock. Finally, Craig Hallum initiated coverage on shares of Horizon Quantum Computing Pte. in a report on Monday, August 17th. They set a “buy” rating and a $21.00 price target for the company. Two investment analysts have 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. has a consensus rating of “Hold” and a consensus price target of $20.50.

Horizon Quantum Computing Pte. Price Performance

The company’s 50 day moving average price is $19.93. The stock has a market capitalization of $1.03 billion, a PE ratio of -43.33 and a beta of 0.30.

Horizon Quantum Computing Pte. (NASDAQ:HQ) last released its quarterly earnings data 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.