Arqit Quantum (NASDAQ:ARQQ) Shares Down 5.8% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ) traded down 5.8% during mid-day trading on Wednesday . The company traded as low as $26.10 and last traded at $29.13. 616,000 shares traded hands during trading, an increase of 228% from the average session volume of 187,723 shares. The stock had previously closed at $30.93.

Wall Street Analyst Weigh In

Separately, HC Wainwright increased their target price on Arqit Quantum from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, December 6th.

Arqit Quantum Price Performance

The stock has a 50-day moving average of $14.56 and a two-hundred day moving average of $10.12.

Institutional Investors Weigh In On Arqit Quantum

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

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.