Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 0.6% – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price fell 0.6% on Thursday . The stock traded as low as $36.12 and last traded at $38.61. 260,428 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 208,079 shares. The stock had previously closed at $38.84.

Analysts Set New Price Targets

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

Arqit Quantum Price Performance

The firm’s fifty day simple moving average is $18.97 and its 200 day simple moving average is $11.51.

Institutional Trading of Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC purchased a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 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 quarter. 16.60% of the stock is currently owned by institutional investors.

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.