Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 10% - Here's Why

Key Points

• Arqit Quantum Inc. (NASDAQ:ARQQ) saw a significant 10% increase in stock price, trading between $32.88 and $33.28 during mid-day trading.
• Several institutional investors have increased their stakes in Arqit during the second quarter, indicating growing confidence in the company's potential.
• The company specializes in cybersecurity services through satellite and terrestrial platforms, providing unbreakable software encryption keys via its QuantumCloud service.

Arqit Quantum Inc. (NASDAQ:ARQQ - ) shot up 10% during mid-day trading on Friday . The stock traded as high as $32.88 and last traded at $33.28. 483,577 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 706,611 shares. The stock had previously closed at $30.26.

Arqit Quantum Price Performance

The company's 50 day simple moving average is $33.79 and its 200-day simple moving average is $24.87.

Institutional Trading of Arqit Quantum

Several institutional investors have recently added to or reduced their stakes in ARQQ. Advisory Services Network LLC bought a new stake in Arqit Quantum during the 2nd quarter valued at about $800,000. Raymond James Financial Inc. lifted its holdings in Arqit Quantum by 120.6% during the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company's stock valued at $1,681,000 after buying an additional 24,822 shares in the last quarter. Quantbot Technologies LP bought a new stake in Arqit Quantum during the 2nd quarter valued at about $122,000. Global Retirement Partners LLC bought a new stake in Arqit Quantum during the 2nd quarter valued at about $222,000. Finally, Legal & General Group Plc purchased a new stake in Arqit Quantum in the second quarter worth about $2,687,000. 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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