Arqit Quantum (NASDAQ:ARQQ) Trading Down 5.8% – Here’s What Happened

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) dropped 5.8% during mid-day trading on Wednesday . The company traded as low as $26.10 and last traded at $29.13. Approximately 616,000 shares were traded during mid-day trading, an increase of 228% from the average daily volume of 187,723 shares. The stock had previously closed at $30.93.

Analyst Upgrades and Downgrades

Separately, HC Wainwright upped their price objective on shares of Arqit Quantum from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, December 6th.

Arqit Quantum Stock Performance

The company has a 50 day moving average price of $14.56 and a 200-day moving average price of $10.12.

Institutional Investors Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC bought a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 quarter. Hedge funds and other institutional investors own 16.60% of the company’s stock.

Arqit Quantum Company Profile

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.