Arqit Quantum (NASDAQ:ARQQ) Shares Down 5.5% – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ) shares dropped 5.5% during mid-day trading on Tuesday . The stock traded as low as $40.76 and last traded at $40.92. Approximately 263,201 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 206,637 shares. The stock had previously closed at $43.32.

Wall Street Analysts Forecast Growth

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

Arqit Quantum Stock Down 9.3 %

The firm’s 50 day simple moving average is $17.71 and its two-hundred day simple moving average is $11.11.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum at the end of the most recent quarter. 16.60% of the stock is 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.