Arqit Quantum (NASDAQ:ARQQ) Trading Up 1.2% – Still a Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shot up 1.2% during mid-day trading on Monday . The company traded as high as $31.80 and last traded at $30.88. 651,115 shares were traded during mid-day trading, an increase of 254% from the average session volume of 183,998 shares. The stock had previously closed at $30.50.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright raised their target price on shares of Arqit Quantum from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, December 6th.

Arqit Quantum Stock Performance

The firm has a 50 day simple moving average of $14.02 and a two-hundred day simple moving average of $9.97.

Institutional Trading of Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum at the end of the most recent quarter. Institutional investors own 16.60% of the company’s stock.

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.