Arqit Quantum (NASDAQ:ARQQ) Shares Gap Up – Still a Buy?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) gapped up before the market opened on Tuesday . The stock had previously closed at $7.00, but opened at $7.32. Arqit Quantum shares last traded at $7.19, with a volume of 29,356 shares.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $50.00 price target on shares of Arqit Quantum in a report on Thursday, July 11th.

Arqit Quantum Stock Performance

The stock’s 50-day moving average price is $6.49 and its 200-day moving average price is $8.47.

Institutional Inflows and Outflows

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

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.