Arqit Quantum (NASDAQ:ARQQ) Shares Down 1.3% - What's Next?

Key Points

• Arqit Quantum Inc.'s shares experienced a decline of 1.3%, trading as low as $26.41 before closing at $27.41 on Thursday.
• The stock's trading volume was approximately 186,438 shares, which is a 39% decline from its average daily volume of 303,769 shares.
• Institutional investors hold 16.60% of Arqit Quantum's stock, with notable increases in stakes from firms like Allworth Financial and Veracity Capital.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report)'s stock price dropped 1.3% on Thursday . The company traded as low as $26.41 and last traded at $27.41. Approximately 186,438 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 303,769 shares. The stock had previously closed at $27.77.

Arqit Quantum Price Performance

The stock has a 50-day moving average of $34.38 and a two-hundred day moving average of $24.64.

Institutional Trading of Arqit Quantum

Several large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC acquired a new stake in Arqit Quantum during the 2nd quarter valued at $26,376,000. Legal & General Group Plc acquired a new stake in Arqit Quantum during the 2nd quarter valued at $2,687,000. Raymond James Financial Inc. raised its stake in Arqit Quantum by 120.6% during the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company's stock valued at $1,681,000 after purchasing an additional 24,822 shares during the period. SBI Securities Co. Ltd. raised its stake in Arqit Quantum by 17.5% during the 2nd quarter. SBI Securities Co. Ltd. now owns 36,590 shares of the company's stock valued at $1,355,000 after purchasing an additional 5,445 shares during the period. Finally, Virtu Financial LLC raised its stake in Arqit Quantum by 440.7% during the 1st quarter. Virtu Financial LLC now owns 32,208 shares of the company's stock valued at $446,000 after purchasing an additional 26,251 shares during the period. 16.60% of the stock is 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.