Arqit Quantum (NASDAQ:ARQQ) Shares Gap Up - Here's What Happened

Key Points

• Arqit Quantum (NASDAQ:ARQQ) shares opened at $40.56, a rise from the previous closing price of $39.56, with a volume of 465,458 shares traded.
• Brokerage ratings are mixed; HC Wainwright assigned a "buy" rating with a target price of $60, while Weiss Ratings maintained a "sell" rating.
• Institutional ownership of Arqit Quantum is at 16.60%, with significant recent investments from firms such as Penserra Capital Management and Raymond James Financial.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $39.56, but opened at $40.56. Arqit Quantum shares last traded at $39.55, with a volume of 465,458 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ARQQ. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Arqit Quantum in a report on Wednesday, October 8th. HC Wainwright set a $60.00 target price on shares of Arqit Quantum and gave the stock a "buy" rating in a report on Monday. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Arqit Quantum presently has an average rating of "Hold" and an average price target of $60.00.

Arqit Quantum Stock Performance

The firm's fifty day moving average is $37.22 and its 200 day moving average is $29.86.

Institutional Trading of Arqit Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of ARQQ. Penserra Capital Management LLC acquired a new stake in Arqit Quantum in the 2nd quarter worth about $26,376,000. Legal & General Group Plc bought a new position in Arqit Quantum in the second quarter valued at approximately $2,687,000. Virtu Financial LLC increased its stake in Arqit Quantum by 440.7% in the first quarter. Virtu Financial LLC now owns 32,208 shares of the company's stock valued at $446,000 after acquiring an additional 26,251 shares during the last quarter. Raymond James Financial Inc. increased its position in Arqit Quantum by 120.6% during the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company's stock worth $1,681,000 after purchasing an additional 24,822 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in Arqit Quantum during the 2nd quarter worth approximately $800,000. Institutional investors and hedge funds own 16.60% of the company's stock.

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.

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