Arqit Quantum (NASDAQ:ARQQ) Shares Down 3.3% – What’s Next?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded down 3.3% on Tuesday . The stock traded as low as $26.10 and last traded at $29.92. 369,220 shares were traded during trading, an increase of 98% from the average session volume of 186,470 shares. The stock had previously closed at $30.93.

Analysts Set New Price Targets

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

Arqit Quantum Price Performance

The company’s 50 day simple moving average is $14.56 and its 200 day simple moving average is $10.12.

Institutional Trading of Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC purchased a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum as of its most recent filing with the Securities and Exchange Commission. 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.