Arqit Quantum (NASDAQ:ARQQ) Releases Quarterly Earnings Results

Arqit Quantum (NASDAQ:ARQQ) announced its quarterly earnings data on Tuesday. The company reported ($2.56) EPS for the quarter, RTT News reports.

Arqit Quantum Price Performance

Shares of ARQQ stock remained flat at $29.63 on Tuesday. The stock had a trading volume of 359,314 shares, compared to its average volume of 397,710. Arqit Quantum has a 52-week low of $11.00 and a 52-week high of $62.00. The stock’s 50-day simple moving average is $37.35 and its 200 day simple moving average is $34.67.

Institutional Trading of Arqit Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in Arqit Quantum by 460.2% during the 3rd quarter. Van ECK Associates Corp now owns 26,615 shares of the company’s stock valued at $1,031,000 after purchasing an additional 21,864 shares during the period. Legal & General Group Plc grew its holdings in Arqit Quantum by 4.4% during the 3rd quarter. Legal & General Group Plc now owns 75,771 shares of the company’s stock valued at $2,936,000 after buying an additional 3,205 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Arqit Quantum by 226.1% during the third quarter. JPMorgan Chase & Co. now owns 34,033 shares of the company’s stock valued at $1,319,000 after buying an additional 23,596 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Arqit Quantum by 11.1% in the third quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock worth $504,000 after buying an additional 1,299 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in shares of Arqit Quantum during the second quarter worth $800,000. 16.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Arqit Quantum in a report on Wednesday, October 8th. HC Wainwright set a $60.00 target price on Arqit Quantum and gave the stock a “buy” rating in a report on Monday, October 13th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Arqit Quantum has a consensus rating of “Hold” and a consensus price target of $60.00.

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.