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

Key Points

• Arqit Quantum (NASDAQ:ARQQ) shares gapped down from a previous closing price of $41.73 to an opening price of $40.08, with the last trade recorded at $39.50.
• HC Wainwright maintained a "buy" rating on Arqit Quantum, setting a target price of $52.00, while the stock currently holds a consensus rating of "Buy".
• Institutional investors increased their stakes in Arqit Quantum, with Allworth Financial LP boosting its position by 53.8% and several other institutions acquiring new positions during the second quarter.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $41.73, but opened at $40.08. Arqit Quantum shares last traded at $39.50, with a volume of 454,546 shares trading hands.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a "buy" rating and issued a $52.00 target price on shares of Arqit Quantum in a report on Thursday. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Arqit Quantum currently has a consensus rating of "Buy" and a consensus target price of $52.00.

Arqit Quantum Stock Down 3.4%

The business has a 50 day simple moving average of $33.68 and a 200-day simple moving average of $26.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. 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 worth $37,000 after buying an additional 350 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Arqit Quantum during the 1st quarter worth $40,000. Quantbot Technologies LP acquired a new position in Arqit Quantum in the second quarter valued at $122,000. Global Retirement Partners LLC purchased a new position in Arqit Quantum during the second quarter worth about $222,000. Finally, Biltmore Family Office LLC purchased a new stake in Arqit Quantum in the 2nd quarter valued at about $253,000. Institutional investors and hedge funds 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.

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