Arqit Quantum Inc. (NASDAQ:ARQQ) Short Interest Update

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) saw a large decline in short interest in April. As of April 30th, there was short interest totalling 3,410,000 shares, a decline of 9.1% from the April 15th total of 3,750,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the days-to-cover ratio is currently 1.9 days. Currently, 6.8% of the shares of the stock are sold short.

Arqit Quantum Stock Performance

Shares of NASDAQ:ARQQ remained flat at $0.39 during trading on Thursday. 1,481,275 shares of the company were exchanged, compared to its average volume of 1,476,309. The company's 50 day moving average price is $0.58 and its 200 day moving average price is $0.54. Arqit Quantum has a 1 year low of $0.39 and a 1 year high of $1.65.

Hedge Funds Weigh In On Arqit Quantum

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Penserra Capital Management LLC boosted its stake in shares of Arqit Quantum by 30.4% during the 3rd quarter. Penserra Capital Management LLC now owns 2,220,814 shares of the company's stock worth $1,321,000 after purchasing an additional 517,942 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Arqit Quantum by 150.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,636,216 shares of the company's stock worth $1,724,000 after purchasing an additional 2,185,402 shares during the period. Finally, Armistice Capital LLC bought a new position in shares of Arqit Quantum during the 3rd quarter worth $1,773,000. Hedge funds and other institutional investors own 16.60% of the company's stock.

Analysts Set New Price Targets

Separately, HC Wainwright dropped their target price on shares of Arqit Quantum from $3.00 to $2.00 and set a "buy" rating for the company in a research report on Wednesday.

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.