Arqit Quantum (NASDAQ:ARQQ) Shares Gap Up - Still a Buy?

Key Points

• Arqit Quantum's stock price surged from a previous close of $53.86 to an opening price of $56.29 before last trading at $59.38 with significant trading volume.
• Analysts have mixed ratings on Arqit Quantum, with HC Wainwright maintaining a "buy" rating and a price target of $52, while Weiss Ratings reiterated a "sell (d)" rating.
• Institutional investors have increased their stakes in Arqit Quantum, with several funds purchasing new positions during the recent quarters, raising the total institutional ownership to 16.60%.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $53.86, but opened at $56.29. Arqit Quantum shares last traded at $59.38, with a volume of 292,862 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of Arqit Quantum in a research note on Saturday, September 27th. HC Wainwright restated a "buy" rating and set a $52.00 price target on shares of Arqit Quantum in a report on Thursday, September 18th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $52.00.

Arqit Quantum Price Performance

The company has a 50 day simple moving average of $34.25 and a 200-day simple moving average of $28.03.

Hedge Funds Weigh In On Arqit Quantum

Large investors have recently modified their holdings of the business. Allworth Financial LP raised its holdings in Arqit Quantum by 53.8% during the 2nd quarter. Allworth Financial LP now owns 1,000 shares of the company's stock valued at $37,000 after acquiring an additional 350 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Arqit Quantum during the 1st quarter valued at $40,000. Quantbot Technologies LP purchased a new stake in Arqit Quantum during the 2nd quarter worth about $122,000. Hussman Strategic Advisors Inc. bought a new position in Arqit Quantum in the 1st quarter worth about $146,000. Finally, Global Retirement Partners LLC purchased a new position in Arqit Quantum during the 2nd quarter valued at about $222,000. Hedge funds and other institutional investors 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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