Arqit Quantum (NASDAQ:ARQQ) Trading Up 34.5% – Still a Buy?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) shot up 34.5% on Thursday . The stock traded as high as $31.79 and last traded at $27.70. 2,734,999 shares changed hands during mid-day trading, an increase of 140% from the average session volume of 1,137,375 shares. The stock had previously closed at $20.59.

Analysts Set New Price Targets

Separately, HC Wainwright increased their price objective on shares of Arqit Quantum from $27.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, December 31st.

Arqit Quantum Stock Performance

The firm has a fifty day simple moving average of $24.09 and a two-hundred day simple moving average of $13.12.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Arqit Quantum stock. Veracity Capital LLC acquired a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned about 0.09% of Arqit Quantum at the end of the most recent reporting period. 16.60% of the stock is currently owned by institutional investors and hedge funds.

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.