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 restated their buy rating on shares of Arqit Quantum (NASDAQ:ARQQ - Free Report) in a research report report published on Thursday morning,Benzinga reports. The firm currently has a $52.00 target price on the stock.

Arqit Quantum Trading Down 5.0%

NASDAQ:ARQQ traded down $2.10 during mid-day trading on Thursday, reaching $39.64. 715,586 shares of the stock were exchanged, compared to its average volume of 707,749. The company has a 50 day simple moving average of $33.68 and a 200-day simple moving average of $26.00. Arqit Quantum has a 1 year low of $3.72 and a 1 year high of $52.79.

Institutional Investors Weigh In On Arqit Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jane Street Group LLC purchased a new stake in Arqit Quantum during the fourth quarter valued at about $931,000. Veracity Capital LLC boosted its stake in Arqit Quantum by 14.3% during the 1st 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. SBI Securities Co. Ltd. boosted its stake in Arqit Quantum by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 31,145 shares of the company's stock valued at $432,000 after purchasing an additional 7,032 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in Arqit Quantum during the 1st quarter valued at $146,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Arqit Quantum during the first quarter valued at $40,000. 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.