Arqit Quantum (NASDAQ:ARQQ) Shares Up 15.7% - What's Next?

Key Points

• Arqit Quantum Inc. (NASDAQ:ARQQ) shares surged by 15.7% to close at $56.13 after trading as high as $56.67, although trading volume was down 53% from the average.
• Wall Street analysts remain divided on the stock, with one rating it as a Buy and another as a Sell, leading to an average recommendation of Hold and a target price of $60.00.
• Institutional investors have been active, with significant stakes acquired by entities including Penserra Capital Management and Virtu Financial, indicating interest in the company's growth potential.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) shares shot up 15.7% during mid-day trading on Monday . The company traded as high as $56.67 and last traded at $56.13. 339,435 shares changed hands during trading, a decline of 53% from the average session volume of 717,930 shares. The stock had previously closed at $48.52.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ARQQ. Weiss Ratings reissued a "sell (d)" rating on shares of Arqit Quantum in a research report on Wednesday, October 8th. HC Wainwright set a $60.00 target price on shares of Arqit Quantum and gave the company a "buy" rating in a report on Monday. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $60.00.

Arqit Quantum Stock Performance

The firm's fifty day moving average price is $35.83 and its two-hundred day moving average price is $29.01.

Institutional Investors Weigh In On Arqit Quantum

Institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC acquired a new stake in Arqit Quantum during the 2nd quarter worth $26,376,000. Legal & General Group Plc acquired a new stake in Arqit Quantum during the 2nd quarter worth $2,687,000. Virtu Financial LLC boosted 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 worth $446,000 after purchasing an additional 26,251 shares during the last quarter. Raymond James Financial Inc. boosted 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 worth $1,681,000 after purchasing an additional 24,822 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Arqit Quantum during the 2nd quarter worth $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.