Arqit Quantum (NASDAQ:ARQQ) Shares Up 5.3% - Time to Buy?

Key Points

• Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) rose by 5.3%, reaching a trading high of $37.17, although the volume was notably lower at 72,179 shares compared to its average of 706,835.
• HC Wainwright maintained a "buy" rating on Arqit Quantum, setting a price target of $52.00, indicating positive sentiment from Wall Street analysts.
• Institutional investors have increased their stakes in Arqit Quantum, with significant purchases by companies like SBI Securities and Virtu Financial during the first quarter of this year.

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) shot up 5.3% during mid-day trading on Tuesday . The company traded as high as $36.64 and last traded at $37.17. 72,179 shares changed hands during trading, a decline of 90% from the average session volume of 706,835 shares. The stock had previously closed at $35.30.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a "buy" rating and set a $52.00 price target on shares of Arqit Quantum in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Arqit Quantum has a consensus rating of "Buy" and a consensus price target of $52.00.

Arqit Quantum Stock Up 1.7%

The business has a 50 day moving average price of $33.49 and a two-hundred day moving average price of $27.10.

Hedge Funds Weigh In On Arqit Quantum

Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its stake in Arqit Quantum by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 31,145 shares of the company's stock valued at $432,000 after purchasing an additional 7,032 shares during the last quarter. Virtu Financial LLC raised its position in Arqit Quantum by 440.7% during the first 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Arqit Quantum in the first quarter worth about $40,000. Hussman Strategic Advisors Inc. purchased a new stake in Arqit Quantum in the first quarter worth about $146,000. Finally, Veracity Capital LLC lifted its holdings in Arqit Quantum by 14.3% in the first quarter. Veracity Capital LLC now owns 12,351 shares of the company's stock worth $171,000 after buying an additional 1,547 shares during the period. Hedge funds and other institutional investors 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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