Arqit Quantum (NASDAQ:ARQQ) Trading Down 0.2% – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded down 0.2% during mid-day trading on Tuesday . The company traded as low as $53.53 and last traded at $58.16. 881,053 shares were traded during mid-day trading, an increase of 1% from the average session volume of 874,215 shares. The stock had previously closed at $58.27.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ARQQ shares. HC Wainwright set a $60.00 price objective on shares of Arqit Quantum and gave the stock a “buy” rating in a report on Monday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Arqit Quantum in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.00.

Arqit Quantum Stock Performance

The business’s 50-day simple moving average is $36.70 and its two-hundred day simple moving average is $29.52.

Institutional Trading of Arqit Quantum

Several large investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC purchased a new position in Arqit Quantum in the second quarter valued at about $26,376,000. Legal & General Group Plc acquired a new stake in shares of Arqit Quantum in the second quarter valued at about $2,687,000. Virtu Financial LLC raised its holdings in shares of Arqit Quantum by 440.7% during the 1st quarter. Virtu Financial LLC now owns 32,208 shares of the company’s stock valued at $446,000 after buying an additional 26,251 shares during the period. Raymond James Financial Inc. raised its holdings in shares of Arqit Quantum by 120.6% during the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company’s stock valued at $1,681,000 after buying an additional 24,822 shares during the period. Finally, Advisory Services Network LLC acquired a new position in Arqit Quantum during the 2nd quarter worth approximately $800,000. 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.