Arqit Quantum (NASDAQ:ARQQ) Shares Up 9.9% – Still a Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares rose 9.9% during trading on Monday . The company traded as high as $6.80 and last traded at $6.53. Approximately 23,605 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 57,477 shares. The stock had previously closed at $5.94.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $50.00 price target on shares of Arqit Quantum in a research report on Thursday, July 11th.

Arqit Quantum Price Performance

The stock has a 50-day moving average of $2.19 and a two-hundred day moving average of $1.03.

Institutional Investors Weigh In On Arqit Quantum

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 second quarter, according to the company in its most recent filing with the SEC. The firm bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum as of its most recent SEC filing. 16.60% of the stock is currently 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.