Arqit Quantum (NASDAQ:ARQQ) Trading Down 4.4%

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price dropped 4.4% on Friday . The stock traded as low as $0.28 and last traded at $0.29. Approximately 837,765 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 1,221,413 shares. The stock had previously closed at $0.30.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and set a $2.00 price objective on shares of Arqit Quantum in a report on Thursday, July 11th.

Arqit Quantum Stock Down 4.4 %

The stock’s fifty day moving average price is $0.34 and its 200 day moving average price is $0.46.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 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. 16.60% of the stock is owned by institutional investors.

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.