HC Wainwright Reaffirms "Buy" Rating for Arqit Quantum (NASDAQ:ARQQ)

Key Points

• HC Wainwright has reaffirmed a "buy" rating on Arqit Quantum's stock, setting a target price of $52.00, suggesting a potential upside of 46.81% from its current trading price.
• Arqit Quantum shares have recently increased by 7.0%, opening at $35.42 on Thursday, with a one-year price range between $3.72 and $52.79.
• Over 16.60% of Arqit Quantum's stock is owned by institutional investors, including significant stakes acquired by firms like Raymond James Financial and Legal & General Group during the second quarter.

HC Wainwright reiterated their buy rating on shares of Arqit Quantum (NASDAQ:ARQQ - Free Report) in a report published on Thursday,Benzinga reports. They currently have a $52.00 price objective on the stock.

Arqit Quantum Stock Up 11.6%

Shares of ARQQ stock traded up $4.33 during trading hours on Thursday, reaching $41.73. 1,386,865 shares of the stock traded hands, compared to its average volume of 307,279. Arqit Quantum has a 1-year low of $3.72 and a 1-year high of $52.79. The business has a fifty day moving average price of $33.68 and a 200 day moving average price of $25.82.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARQQ. Allworth Financial LP grew its position in Arqit Quantum by 53.8% during the second quarter. Allworth Financial LP now owns 1,000 shares of the company's stock valued at $37,000 after purchasing an additional 350 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Arqit Quantum during the first quarter valued at approximately $40,000. Quantbot Technologies LP purchased a new position in Arqit Quantum during the second quarter valued at approximately $122,000. Hussman Strategic Advisors Inc. purchased a new position in Arqit Quantum during the first quarter valued at approximately $146,000. Finally, Veracity Capital LLC grew its position in Arqit Quantum by 14.3% during the first quarter. Veracity Capital LLC now owns 12,351 shares of the company's stock valued at $171,000 after purchasing an additional 1,547 shares in the last quarter. 16.60% of the stock is owned by hedge funds and other institutional investors.

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.