Arqit Quantum (NASDAQ:ARQQ) Trading Down 0.2% - Here's Why

Key Points

• Arqit Quantum's stock price decreased by 0.2% to $58.16 during mid-day trading, with a trading volume slightly above the average.
• Analysts have mixed opinions on the stock, with a buy rating and a target price of $60.00 from HC Wainwright, while Weiss Ratings has given it a "sell" rating.
• Institutional investors now hold 16.60% of Arqit Quantum’s stock, indicating increasing interest from hedge funds as several have expanded their positions recently.

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) traded down 0.2% during mid-day trading on Tuesday . The company traded as low as $53.53 and last traded at $58.16. 881,053 shares were traded during trading, an increase of 1% from the average session volume of 874,215 shares. The stock had previously closed at $58.27.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ARQQ shares. Weiss Ratings restated a "sell (d)" rating on shares of Arqit Quantum in a report on Wednesday, October 8th. HC Wainwright set a $60.00 target price on 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 assigned a Sell rating to the company. According to data from MarketBeat, Arqit Quantum has an average rating of "Hold" and an average price target of $60.00.

Arqit Quantum Trading Down 0.2%

The business has a fifty day simple moving average of $36.70 and a 200 day simple moving average of $29.52.

Institutional Investors Weigh In On Arqit Quantum

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP grew its holdings in shares of Arqit Quantum by 53.8% during the second quarter. Allworth Financial LP now owns 1,000 shares of the company's stock worth $37,000 after buying an additional 350 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Arqit Quantum during the first quarter worth approximately $40,000. Quantbot Technologies LP purchased a new stake in Arqit Quantum in the 2nd quarter worth approximately $122,000. Hussman Strategic Advisors Inc. acquired a new position in Arqit Quantum in the 1st quarter valued at $146,000. Finally, Global Retirement Partners LLC acquired a new position in Arqit Quantum in the 2nd quarter valued at $222,000. 16.60% of the stock is owned by institutional investors and hedge funds.

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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