Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 0.6% – Should You Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price dropped 0.6% during mid-day trading on Thursday . The stock traded as low as $36.12 and last traded at $38.61. Approximately 260,428 shares were traded during trading, an increase of 25% from the average daily volume of 208,079 shares. The stock had previously closed at $38.84.

Wall Street Analysts Forecast Growth

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

Arqit Quantum Stock Performance

The firm’s 50-day simple moving average is $18.97 and its two-hundred day simple moving average is $11.51.

Hedge Funds Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC purchased a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 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 SEC. Hedge funds and other institutional investors own 16.60% of the company’s stock.

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.