Arqit Quantum (NASDAQ:ARQQ) Shares Down 2.1% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded down 2.1% on Monday . The company traded as low as $38.32 and last traded at $38.84. 464,701 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 774,853 shares. The stock had previously closed at $39.66.

Analyst Ratings Changes

Separately, HC Wainwright upped their target price on shares of Arqit Quantum from $27.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st.

Arqit Quantum Price Performance

The firm has a 50-day moving average of $20.24 and a 200 day moving average of $11.93.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 0.06% of Arqit Quantum at the end of the most recent reporting period. 16.60% of the stock is owned by institutional investors and hedge funds.

About Arqit Quantum

Arqit Quantum Inc provides cybersecurity services through satellite and terrestrial platforms in the United Kingdom. It offers QuantumCloud, a Platform as a Service that creates unbreakable software encryption keys. The company also provides maintenance and support, and professional services. Arqit Quantum Inc is based in London, the United Kingdom.