Arqit Quantum (NASDAQ:ARQQ) Trading Down 5.8% - Time to Sell?

Key Points

• Arqit Quantum Inc. shares fell by 5.8% to $54.92, with trading volume down 74% compared to the average session, indicating a possible decrease in investor interest.
• Brokerages have mixed opinions on the stock, with Weiss Ratings issuing a "sell" rating while HC Wainwright set a price target of $60.00 and rated the stock as a "buy".
• Institutional investors have made significant moves, with firms like SBI Securities and Virtu Financial greatly increasing their stakes in Arqit Quantum in the last quarter.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report)'s stock price traded down 5.8% during mid-day trading on Tuesday . The stock traded as low as $54.00 and last traded at $54.92. 184,810 shares traded hands during trading, a decline of 74% from the average session volume of 719,872 shares. The stock had previously closed at $58.27.

Analysts Set New Price Targets

Several brokerages have commented on ARQQ. Weiss Ratings restated a "sell (d)" rating on shares of Arqit Quantum in a research note on Wednesday, October 8th. HC Wainwright set a $60.00 price objective on shares of Arqit Quantum and gave the company a "buy" rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $60.00.

Arqit Quantum Stock Up 0.4%

The stock's 50 day simple moving average is $36.29 and its 200 day simple moving average is $29.32.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. lifted its stake in shares of Arqit Quantum by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 31,145 shares of the company's stock valued at $432,000 after acquiring an additional 7,032 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Arqit Quantum in the 1st quarter worth approximately $146,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Arqit Quantum in the 1st quarter worth approximately $40,000. Virtu Financial LLC boosted its stake in shares of 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 during the period. Finally, Royal Bank of Canada increased its stake in shares of Arqit Quantum by 222.9% in the first quarter. Royal Bank of Canada now owns 20,550 shares of the company's stock worth $284,000 after buying an additional 14,186 shares during the period. 16.60% of the stock is owned by 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.

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