Arqit Quantum (NASDAQ:ARQQ) Trading Up 7.7% - Here's What Happened

Key Points

• Arqit Quantum Inc. saw a trading increase of 7.7%, with shares reaching a high of $40.28, despite a 39% drop in trading volume compared to the average session.
• HC Wainwright has set a new price target of $52.00 for Arqit Quantum, maintaining a "buy" rating as the stock has an average rating of "Buy" among analysts.
• Institutional investors have recently increased their holdings in Arqit Quantum, with notable acquisitions from firms such as Penserra Capital Management and Raymond James Financial, indicating growing confidence in the company's prospects.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report)'s stock price traded up 7.7% during trading on Friday . The stock traded as high as $39.98 and last traded at $40.28. 430,014 shares changed hands during trading, a decline of 39% from the average session volume of 701,714 shares. The stock had previously closed at $37.40.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a "buy" rating and issued a $52.00 price objective on shares of Arqit Quantum in a research note on Thursday. One research analyst has rated the stock with a Buy rating, According to MarketBeat, Arqit Quantum currently has an average rating of "Buy" and a consensus price target of $52.00.

Arqit Quantum Price Performance

The business has a fifty day moving average of $33.68 and a 200-day moving average of $25.91.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in Arqit Quantum by 53.8% in the second 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Arqit Quantum in the first quarter worth about $40,000. Quantbot Technologies LP bought a new stake in Arqit Quantum during the second quarter worth approximately $122,000. Hussman Strategic Advisors Inc. bought a new position in shares of Arqit Quantum during the 1st quarter valued at $146,000. Finally, Veracity Capital LLC boosted its position in shares of Arqit Quantum by 14.3% during the 1st quarter. Veracity Capital LLC now owns 12,351 shares of the company's stock valued at $171,000 after acquiring an additional 1,547 shares in the last quarter. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

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.