Arqit Quantum (NASDAQ:ARQQ) Trading Up 13% – Here’s Why

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) rose 13% on Friday . The stock traded as high as $45.45 and last traded at $42.97. Approximately 626,126 shares traded hands during mid-day trading, an increase of 1% from the average daily volume of 621,500 shares. The stock had previously closed at $38.02.

Analyst Upgrades and Downgrades

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

Arqit Quantum Trading Down 1.5 %

The firm’s fifty day moving average price is $19.59 and its two-hundred day moving average price is $11.69.

Institutional Trading of Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 as of its most recent filing with the Securities and Exchange Commission (SEC). 16.60% of the stock is owned by hedge funds and other institutional investors.

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.