Arqit Quantum (NASDAQ:ARQQ) Trading Down 4.2% - Here's What Happened

Key Points

• Arqit Quantum's stock price fell 4.2% during mid-day trading, dropping to a low of $53.01 before closing at $52.90.
• Research analysts have mixed ratings on the stock, with one giving a buy rating at a price target of $52.00 while another rated it a sell.
• Recent hedge fund activity includes significant investments, with firms like Penserra Capital acquiring new stakes worth approximately $26.4 million.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report)'s stock price dropped 4.2% during mid-day trading on Wednesday . The company traded as low as $53.01 and last traded at $52.90. Approximately 620,824 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 717,064 shares. The stock had previously closed at $55.23.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Arqit Quantum in a research note on Wednesday. HC Wainwright reiterated a "buy" rating and set a $52.00 price target on shares of Arqit Quantum in a research report on Thursday, September 18th. 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, the stock has an average rating of "Hold" and a consensus target price of $52.00.

Arqit Quantum Trading Down 4.1%

The business has a fifty day moving average price of $34.68 and a two-hundred day moving average price of $28.22.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC acquired a new stake in shares of Arqit Quantum during the 2nd quarter worth about $26,376,000. Legal & General Group Plc purchased a new position in Arqit Quantum during the 2nd quarter worth approximately $2,687,000. Virtu Financial LLC grew 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 buying an additional 26,251 shares during the last quarter. Raymond James Financial Inc. grew 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 buying an additional 24,822 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in Arqit Quantum during the 2nd quarter worth approximately $800,000. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

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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