Arqit Quantum Inc. (NASDAQ:ARQQ) Sees Significant Drop in Short Interest

Arqit Quantum Inc. (NASDAQ:ARQQ) was the recipient of a large decline in short interest during the month of January. As of January 15th, there was short interest totalling 385,300 shares, a decline of 13.9% from the December 31st total of 447,400 shares. Currently, 6.3% of the company’s shares are short sold. Based on an average daily volume of 919,900 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright upped their price target on Arqit Quantum from $27.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st.

Arqit Quantum Stock Performance

Shares of ARQQ traded down $0.61 during midday trading on Monday, hitting $19.89. The stock had a trading volume of 313,248 shares, compared to its average volume of 1,015,524. The company has a 50 day simple moving average of $27.37 and a two-hundred day simple moving average of $14.35. Arqit Quantum has a twelve month low of $3.72 and a twelve month high of $52.79.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Veracity Capital LLC bought a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned about 0.09% of Arqit Quantum as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other 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.