Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 5.5% – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ) shares traded down 5.5% during mid-day trading on Tuesday . The company traded as low as $40.76 and last traded at $40.92. 263,201 shares were traded during trading, an increase of 27% from the average session volume of 206,637 shares. The stock had previously closed at $43.32.

Analyst Upgrades and Downgrades

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

Arqit Quantum Stock Performance

The company’s 50-day simple moving average is $17.71 and its 200 day simple moving average is $11.11.

Institutional Trading of Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to its most recent filing with the SEC. The fund bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 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.